The State Bank of Vietnam (SBV) would closely monitor the operation of the Saigon Bank (SCB) to ensure the lawful rights of customers and the stability of the bank in particular, and the banking sector in general.

The State Bank of Vietnam (SBV).

The SBV made the announcement in the wake of recent negative rumors regarding the SCB, which would lead to a massive withdrawal of money before maturity dates.

"We urge people not to withdraw money, as premature withdrawal would affect their rights," SBV Vice Governor Dao Minh Tu told the local media.

According to Tu, in any circumstance, the central bank would ensure the stable operation of SCB and also people’s deposits in the bank.

The State Securities Commission of Vietnam (SSC), the country’s stock market watchdog, has released a statement suggesting the market is in stable condition.

“The Government, the Ministry of Finance, and other agencies stand ready to support the market’s healthy and sustainable development,” it noted.

The SSC also called for investors to stay calm and assess both risks and opportunities before making any decision in the market.

To date, SCB’s operation remains normal as the bank continues to fulfill its obligation to customers.