The National Assembly Standing Committee agreed to submit to the National Assembly a decision to invest additional state capital in the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) in the amount of VND 20,695 billion to maintain the state capital contribution ratio at this bank.
On the afternoon of September 24, continuing the program of Session 37, Standing Committee of the National Assembly give opinions on the policy of state capital investment at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank).
Presenting the report, Governor of the State Bank Nguyen Thi Hong said that the Government proposed that the National Assembly Standing Committee consider and submit to the National Assembly for decision the policy of investing additional state capital at Vietcombank with the amount of 20,695 billion VND to maintain the State's capital contribution ratio at this bank.
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.
According to Governor Nguyen Thi Hong, the additional investment of state capital in Vietcombank helps the bank improve its financial capacity to strive to reach the region and be among the top 100 largest banks in Asia, affirming its leading role in the banking and finance sector according to the orientation of the Party and Government.
The addition of state capital also aims to meet the minimum capital safety ratios as prescribed, helping Vietcombank have the potential to implement state policies and support the economy such as credit policies serving agricultural and rural development; policies to support interest rates and obligations to the state budget.
This is also 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 stated that Vietcombank plans to use the additional charter capital to invest in facilities and headquarters (VND9,526 billion); invest in information technology, digital transformation (VND17,155 billion), and expand business operations (VND985 billion).
With the expected use of the increased charter capital as above, Vietcombank's fixed asset investment ratio is equivalent to 38% of Vietcombank's total charter capital and charter capital supplementary reserve fund, ensuring lower than the maximum level of 50% as prescribed.
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 requested the Government to continue reviewing and recommending specific contents to be included in the general resolution of the session to report to the National Assembly for resolution. In particular, it clearly stated that the Government is responsible to the National Assembly for the accuracy of the data and the scale of additional state capital investment at Vietcombank.
Presenting his opinion on the discussion, National Assembly Chairman Tran Thanh Man expressed his agreement with the Government's proposal on supplementing state capital at Vietcombank and agreed to include this content in the general resolution of the 8th Session.
However, the National Assembly Chairman suggested that when submitting to the National Assembly, it is necessary to carefully and thoroughly assess the impact on the effectiveness of additional state capital investment at Vietcombank... At the same time, he suggested that the Government urgently complete the dossier and report to the National Assembly based on the opinions of the agencies.
Concluding the meeting, Vice Chairman of the National Assembly Nguyen Khac Dinh stated that, through discussion and review of the documents, 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.
The Vice Chairman of the National Assembly requested the Government to absorb opinions at the meeting, the examining agency, and complete the dossier to submit to the National Assembly, ensuring it is sent to National Assembly deputies before October 1, 2024.
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