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

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

Additional investment capital from stock dividends distributed to state shareholders from accumulated remaining profits up to the end of 2018 and remaining profits in 2021 of Vietcombank.

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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 line with the policy approved by the National Assembly and the Government in Resolutions 43/2022 of the National Assembly and Resolution 11 of the Government.

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

Through this additional state capital investment, Vietcombank will improve its financial capacity to strive to reach the region and be among the top 100 largest banks in Asia; affirming its role as a "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 policies 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 the healthy and stable development of the banking sector and the economy,” the Governor of the State Bank affirmed.

According to Ms. Hong, Vietcombank plans to use the increased charter capital to invest in facilities, offices, information technology, digital transformation, and expand business operations.

Examining this content, Chairman of the Economic Committee Vu Hong Thanh said that the Standing Committee of the 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 auditing agency proposed that the Government continue to review and propose 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 scale of additional state capital investment at Vietcombank.

Concluding this content, Vice Chairman of the National Assembly Nguyen Khac Dinh stated 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.

He requested the Government to absorb opinions at the meeting, the examining agency, complete the dossier to submit to the National Assembly, and ensure it is sent to National Assembly deputies before October 1.

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