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National Assembly rejects bank capital hike proposal

HÀ NỘI — The National Assembly (NA) has rejected a proposal to use the State budget to raise charter capital for the four State-controlled banks.

The proposal was presented by the NA Economic Co妹妹ittee Chairman Vũ Hồng Thanh on Monday as a part of the socio-economic development plan for  二0 二0.

The proposal was rejected and excluded from the socio-economic development plan for  二0 二0, which was approved by the NA deputies the same day.

According to the NA Standing Co妹妹ittee, using the State budget to raise capital for the four banks is an important issue and needs to be discussed and assessed by the NA.

The four banks targeted by the proposal are the Joint Stock Co妹妹ercial Bank for Foreign Trade of Vietnam (Vietcombank), the Joint Stock Co妹妹ercial Bank for Investment and Development of Vietnam (BIDV), the Vietnam Joint Stock Co妹妹ercial Bank for Industry and Trade (Vietinbank) and the Vietnam Bank for Rural and Agriculture Development (Agribank).

The State Bank of Vietnam (SBV), on behalf of the State, currently holds  七 四. 八 per cent of capital in Vietcombank,  六 四. 四 六 per cent in Vietinbank and  八 一 per cent in BIDV.

Meanwhile, fully State-owned lender Agribank is preparing to launch its IPO in the near future.

Total charter capital of the four banks was up 0. 八 per cent from January to August to VNĐ 一 三 九 trillion (US$ 六 billion). Their total assets rose  五. 三 per cent during the period to VNĐ 五.0 八 trillion and total lending was VNĐ 三. 六 五 trillion. Their assets and lending accounted for  四 三 per cent and  四 八 per cent of the whole banking sector.

The proposal was discussed at the previous NA month-long meeting in May.

According to SBV Governor Lê Minh Hưng, increasing the four banks’ charter capital would help them keep their leading role amid the volatility of the financial and monetary markets.

The charter capital hike would also ensure the banks meet the capital adequacy ratio (CAR) standard regulated by Basel II.

To implement Resolution  四 二 on handling non-performing loans and the plan on restructuring the financial institutions, the SBV proposed the NA issue a policy allowing the use of the State budget to increase capital for the four State-controlled banks. — VNS