Vietcombank Set for Major Boost: Government Proposes 20,695 Billion VND Investment in State Capital

The Government requested the National Assembly Standing Committee to consider and submit to the National Assembly for decision the policy of additional investment of more than 20,695 billion VND of state capital at Vietcombank and include it in the general resolution of the 8th session.

On the afternoon of September 24, the National Assembly Standing Committee gave opinions on the policy of investing state capital at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).

Governor of the State Bank Nguyen Thi Hong said that the Government requested the National Assembly Standing Committee to consider and submit to the National Assembly for decision the policy of additional investment of more than 20,695 billion VND of state capital at Vietcombank and include it in the general resolution. of the 8th session.

Additional investment capital from dividends distributed by state shareholders is from the remaining profits accumulated until the end of 2018 and the remaining profits in 2021 of Vietcombank.

Governor of the State Bank Nguyen Thi Hong. Photo: QH

According to Ms. Hong, the additional investment of state capital at Vietcombank is very urgent, in accordance with the policy approved by the National Assembly and the Government in Resolution 43/2022 of the National Assembly and Resolution 11 of the Government.

Along with that, this is consistent with the banking industry development strategy until 2025, with a vision to 2030; project to restructure the system of credit institutions associated with bad debt handling for the period 2021-2025; to meet the minimum capital adequacy ratios as prescribed.

Through this additional investment of state capital, Vietcombank will help improve its financial capacity to strive to reach the top 100 largest banks in Asia; affirming the role of “leading crane” in the banking and finance industry according to the orientation of the Party and Government.

From there, Vietcombank has the potential to implement State policies and support the economy such as credit policies serving agricultural and rural development; interest rate support policy and obligations to the State budget.

“This is a necessary condition for Vietcombank to have enough resources to support the restructuring of weak credit institutions assigned by the Government and the State Bank, ensuring system safety, contributing to healthy and sustainable development. stability of the banking industry and the economy”, the Governor of the State Bank affirmed.

According to Ms. Hong, the increased charter capital of Vietcombank is expected to be used to invest in facilities, headquarters, invest in information technology, digital transformation, and expand business activities.

Examining this content, Chairman of the Economic Committee Vu Hong Thanh said that the Standing Committee agreed with the Government’s proposal to include this content in the general resolution of the 8th session of the 15th National Assembly.

The inspection agency requested the Government to continue to review and recommend specific content to be included in the general resolution of the session to report to the National Assembly for resolution.

It clearly states that the Government is responsible to the National Assembly for the accuracy of data and the scale of additional investment of state capital at Vietcombank.

Concluding this content, Vice Chairman of the National Assembly Nguyen Khac Dinh stated clearly that the National Assembly Standing Committee agreed on the necessity, capital level, and plan to supplement state capital at Vietcombank with the contents as submitted by the Government. government.

He asked the Government to receive comments at the meeting, verify the agency, complete the dossier to submit to the National Assembly, and ensure it is sent to National Assembly delegates before October 1.