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| Deputy Prime Minister and Minister of Finance Ho Duc Phoc presented a report at the meeting. |
(PLVN) - On the afternoon of October 23, continuing the program of the 8th Session of the 15th National Assembly, the National Assembly listened to the presentation and the report on the investment policy to supplement state capital at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB).
Presenting the report, Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the Government proposed that the National Assembly consider and decide on the policy of additional state capital investment at VCB and include it in the Joint Resolution of the 8th Session of the 15th National Assembly for the following contents:
Approving the policy of investing additional state capital to maintain the state capital contribution ratio at VCB with the amount of VND 20,695,100,980,000 from stock dividends distributed to state shareholders from the remaining accumulated profit up to the end of 2018 and the remaining profit in 2021 of VCB;
Assign the Government to direct the investment and supplement of state capital at VCB in accordance with the provisions of law; be responsible to the National Assembly for the accuracy of data and scale of state capital supplementation for VCB.
Assessing the impact, the Government said that the enhanced financial capacity will help VCB promote its key role in implementing the policies of the Party, State and Government in supporting the economy and enterprises such as developing priority areas, providing credit for important national projects with special capital needs, contributing to socio-economic development; creating resources to support weak banks, stabilizing the monetary market and contributing to stabilizing the economy; increasing operational efficiency and increasing State budget contributions, striving to raise the position of Vietnamese banks in the region and internationally.
The remaining accumulated profit up to 2018 and 2021 of VCB is the remaining profit after paying taxes, setting aside funds and paying cash dividends, currently accounted for and monitored at VCB and not included in the State budget revenue and expenditure balance according to the provisions of the State Budget Law; therefore, the capital source that VCB proposed to increase charter capital does not affect the State budget revenue/expenditure estimate plan in 2024-2025.
Reporting on this issue, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said that the majority of opinions in the Economic Committee agreed with the Government's proposal to include the content of additional state capital investment at VCB in the Resolution of the 8th Session of the 15th National Assembly.
The Government's submission to the National Assembly for consideration and decision on the policy of additional state capital investment at VCB ensures legal basis and proper authority according to the provisions of law; the additional state capital investment at VCB through stock dividends and distributed profits ensures legal basis.
The National Assembly's Economic Committee also proposed that, in case the National Assembly approves the policy of additional state capital investment at VCB, the Government and the State Bank must ensure that the additional state capital investment at VCB is within their authority, promptly carry out procedures in accordance with the provisions of law, and use capital effectively.
At the same time, direct VCB to continue implementing active solutions to ensure the bank's capital safety ratio and development strategy, truly playing a pioneering role, leading the banking industry and providing capital for the economy, especially in the coming period when Vietnam is focusing resources on developing strategic infrastructure and high-tech industries.
Source: https://baophapluat.vn/de-xuat-bo-sung-hon-20695-ty-dong-von-nha-nuoc-tai-vietcombank-post529499.html
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