Vietnam will limit or possibly stop issuing new licenses for the establishment of wholly-owned foreign banks in the country, Deputy Prime minister Vuong Dinh Hue said on Thursday as quoted by Reuters. The VN Express has reported that foreign banks concerned about poor risk management or faced with fierce competition in Vietnam have been withdrawing their investments. The most recent case was Standard Chartered Bank, which sold its entire 8.75 percent stake in Vietnam’s publicly listed Asia Commercial Bank (ACB) in January after a 12-year partnership. France’s BNP Paribas, HSBC and Australia’s Commonwealth Bank have been among those pulling out, according to Vietnam Net. ANZ sold its retail banking division to Korea’s Shinhan Bank and Standard Chartered Bank sold its entire 8.75 per cent stake in Asia Commercial Bank.