Banks to run a rule over State-owned investments
The State Bank of Vietnam has instructed commercial banks to check
the investments of economic groups and State-owned corporations in
accordance with a prime ministerial directive.
The State Bank of Vietnam has instructed commercial banks to check
the investments of economic groups and State-owned corporations in
accordance with a prime ministerial directive.
The instruction, designed to ensure these entities comply with regulations and obtain prime ministerial approval before investing in finance, banking and securities, was issued late on Wednesday.
The directive also orders the Finance Ministry to examine the financial condition; capital demand for production and business of economic groups and State-owned corporations.
The examination will help determine whether or not these entities need to expand their investment as commercial banks increase their charter capital.
Strategic shareholders will have to contribute more money when as many as 20 commercial banks increase their charter capital to 3 trillion VND (153.84 million USD) later in the year.
The central bank's order of a check of State-owned-enterprise investments is intended to ensure the money is well spent.
State-owned telecommunications giant Vietnam Post and Telecommunications Group (VNPT) received Government approval last week to increase its holding in the Maritime Bank to 19.3 percent, or 96.6 million shares from 91.97 million shares.
The rise in stake is part of Maritime Bank's effort to increase its charter capital from 3 trillion VND (153.84 million USD) to 5 trillion VND (256.41 million USD) this year.
Viet Nam National Oil and Gas Group (PetroVietnam) now owns 20 percent of Ocean Bank; Electricity of Vietnam 27 percent of An Binh Bank, Viet Nam National Shipping Lines (Vinalines) 10 percent of Maritime Bank, Vietnam Textile and Garment Group 11 percent of Nam Viet Bank; the Vietnam Machinery Erection Corporation (LILAMA) and Sai Gon Trading Group 5 percent of Habubank.
The Government and the State Bank of Vietnam rejected the bid of State-owned./.
The instruction, designed to ensure these entities comply with regulations and obtain prime ministerial approval before investing in finance, banking and securities, was issued late on Wednesday.
The directive also orders the Finance Ministry to examine the financial condition; capital demand for production and business of economic groups and State-owned corporations.
The examination will help determine whether or not these entities need to expand their investment as commercial banks increase their charter capital.
Strategic shareholders will have to contribute more money when as many as 20 commercial banks increase their charter capital to 3 trillion VND (153.84 million USD) later in the year.
The central bank's order of a check of State-owned-enterprise investments is intended to ensure the money is well spent.
State-owned telecommunications giant Vietnam Post and Telecommunications Group (VNPT) received Government approval last week to increase its holding in the Maritime Bank to 19.3 percent, or 96.6 million shares from 91.97 million shares.
The rise in stake is part of Maritime Bank's effort to increase its charter capital from 3 trillion VND (153.84 million USD) to 5 trillion VND (256.41 million USD) this year.
Viet Nam National Oil and Gas Group (PetroVietnam) now owns 20 percent of Ocean Bank; Electricity of Vietnam 27 percent of An Binh Bank, Viet Nam National Shipping Lines (Vinalines) 10 percent of Maritime Bank, Vietnam Textile and Garment Group 11 percent of Nam Viet Bank; the Vietnam Machinery Erection Corporation (LILAMA) and Sai Gon Trading Group 5 percent of Habubank.
The Government and the State Bank of Vietnam rejected the bid of State-owned./.
You should also see
Vietnam urged to build legal corridor for AI industry
Vietnam needs a policy on artificial intelligence (AI) to help this industry develop strongly, while minimising risks, according to insiders.
See more
Business
French auction house to open office in Vietnam
France’s Millon Auction House has decided to open its representative office in Vietnam, and is preparing necessary steps for the official opening of the office in the near future.
Business
3,400 taels of SJC-branded gold bars successfully auctioned
The State Bank of Vietnam auctioned 16,800 taels of SJC-branded gold bars in Hanoi on April 23. This is the first auction of this kind in 11 years.
Business
HCM City seeks to draw remittances in infrastructure
A seminar aimed at channeling overseas remittances into infrastructure took place in Ho Chi Minh City on April 23, given that remittances to the city reached 9.46 billion USD in 2023, nearly three times higher than foreign direct investment (FDI), according to official statistics.
Sci-Tech
FPT, NVIDIA ink MoU to build 200 million USD AI factory
Vietnam’s tech giant FPT plans to build a 200 million USD artificial intelligence (AI) factory using Nvidia's graphics chips and software, as announced on April 23 in a comprehensive strategic partnership with NVIDIA.
Business
Lao Cai province calls for more Japanese investments
The advantages and potential of Vietnam’s northern border province of Lao Cai were introduced to Japanese firms at an investment and tourism promotion conference in Tokyo on April 23.
