The State Bank of Vietnam (SBV) announced the mandatory transfers of two "weak" private banks, GPBank and DongA Bank, to VPBank and HDBank, respectively, on January 17.

The move is part of a broader plan to restructure the banking system .

Under the transfer, GPBank will become a wholly owned subsidiary of VPBank, while DongA Bank will operate under HDBank. The initiative aims to return the banks to normal operations in compliance with safety regulations.

Under the management of VPBank and HDBank as the owners, all legitimate rights and interests of depositors and customers at the two transferred banks will continue to be guaranteed in accordance with the agreements and legal regulations, according to SBV Governor Nguyen Thi Hong.