Speeding up Commercial Bank Equitisation
At a recent meeting, Prime Minister Nguyen Tan Dung urged the speedier equitisation of State-owned commercial banks. Accordingly, four State-run commercial banks, namely the Bank for Foreign Trade of Vietnam (Vietcombank - VCB), Mekong Housing Bank (MHB), Bank for Investment and Development of Vietnam (BIDV) and Industrial and Commercial Bank of Vietnam (Incombank), will sell their stakes.
The State will hold the controlling stake and create favourable conditions for these banks to grow more quickly and sharpen competitive edge to be the backbones of banking services providers with some 70 per cent of the market share.
The Prime Minister designated VCB, MHB, BIDV and ICB to work with the State Bank of Vietnam, the Ministry of Finance and the State Capital Investment Corporation (SCIC) to develop equitisation plans, which will be then submitted to the Prime Minister for consideration and approval. The Prime Minister also assigned the National Steering Committee for Enterprise Reform and Development to cooperate with Ministry of Finance, the State Bank of Vietnam, the Ministry of Justice and the Ministry of Planning and Investment to appraise and select consultants for the equitisation and equitisation plans for these banks, which will be sent to the Prime Minister for approval.
Before January 15, 2007, the State Bank of Vietnam will submit the selection of consulting organisations for the equitisation of VCB and MHB.
Lan Anh
Vietnamese
