Gov't proposes 20.69 trillion VND boost for Vietcombank to enhance financial capacity
The Government has proposed the National Assembly (NA) to consider pumping an addition of over 20.69 trillion VND (842.8 million USD) worth of State capital into the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to improve its financial capacity for expanding international reach and for it to become one of Asia’s 100 largest banks.
A transaction at a Vietcombank's branch (Photo: VNA)
Hanoi (VNS/VNA) - The Government has proposed the National Assembly (NA) to consider pumping an addition of over 20.69 trillion VND (842.8 million USD) worth of State capital into the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to improve its financial capacity for expanding international reach and for it to become one of Asia’s 100 largest banks.
At a discussion at the meeting of the NA Standing Committee on September 23, Governor of the State Bank of Vietnam Nguyen Thi Hong said that the capital will be sourced from stock dividends distributed to State shareholders from the accumulated profits as of the end of 2018 and the remaining profits in 2021 of Vietcombank.
Hong said that increasing State capital for Vietcombank aligns with the banking industry development strategy until 2025, with a vision toward 2030, as well as the 2021-2025 credit institution restructuring and bad debt resolution plan.
The capital will help Vietcombank improve its financial capacity to expand international reach and become one of the biggest banks in Asia, while affirming its leading role in the financial and banking sector.
Vietcombank will also have the capacity to implement the Government’s policies and support economic growth such as credit for agriculture and rural development and other preferential interest rate programmes.
The bank will then have adequate resources to support the restricting of weak credit institutions, playing a significant role in ensuring the system safety and contribute to the healthy and stable development of the banking sector and the entire economy, Hong said. There are concerns that Vietcombank might receive a weak credit rating.
NA Chairman Tran Thanh Man agreed that it is necessary to increase State capital at Vietcombank to enhance its financial capacity, ensure the minimum capital adequacy ratio and promote its role in the bꦐanking industry and the economy. Man urged more careful consideration of the impact and efficiency of the capital increase./.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) continued slashing deposit interest rates on January 12, with the lowest standing at 1.7% per year.
The State Bank of Vietnam (SBV) just allowed the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to raise its charter capital from 47 trillion VND (2 billion USD) to 55 trillion VND (2.3 billion USD) by issuing shares to pay dividends from the remaining profits of 2019 and 2020.
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