Vietnam Mounts ‘unprecedented’ $24 Billion Rescue For Bank Engulfed In Giant Fraud

Business & Finance

Reuters exclusively reported that Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud.

Market Impact

As of the start of April, the Southeast Asian nation’s central bank had pumped $24 billion in “special loans” into SCB, according to one of the bank documents seen by Reuters, which amounts to 5.6% of the nation’s annual economic output.