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Providing additional charter capital of VND 17,100 billion for Agribank: Need to assess the impact on the state budget

Báo Sài Gòn Giải phóngBáo Sài Gòn Giải phóng22/05/2023


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The majority of opinions in the Economic Committee agreed with the above proposal of the Government, providing additional charter capital to Agribank with a maximum amount of 17,100 billion VND to help this bank improve its financial capacity and ensure the minimum capital safety ratio according to regulations.

On the afternoon of May 22, the National Assembly heard the presentation and the verification report on the decision on the investment policy to supplement the charter capital of the Vietnam Bank for Agriculture and Rural Development (Agribank); and the adjustment of the investment policy for the Ka Pet reservoir project (Ham Thuan Nam district, Binh Thuan province).

Project capital increase must request adjustment

Accordingly, Minister of Planning and Investment Nguyen Chi Dung said that the National Assembly approved the investment policy for this project in 2019, with a total investment capital of more than 585 billion VND. However, during the process of implementing the project feasibility study report, there were changes in labor unit prices, machinery and equipment, and compensation policies for site clearance, so the total investment capital increased.

Providing additional VND 17,100 billion in charter capital for Agribank: Need to assess the impact on the state budget photo 1

National Assembly delegates attend the afternoon session on May 22. Photo: QUANG PHUC

According to Mr. Nguyen Chi Dung, the total investment capital after adjustment is more than 874 billion VND (an increase of more than 288 billion VND) compared to the initial total investment capital approved by the National Assembly. In addition, the land use area of the project has been adjusted to increase by 4.42 hectares (total area is more than 697 hectares). The implementation time of this project has been increased by one year compared to the National Assembly's policy, that is, until 2025.

On the other hand, the Minister of Planning and Investment said that the project is of national importance but the scale of the project is only equivalent to group B. Therefore, to facilitate the approval and implementation of the project, the Government proposed that the National Assembly allow the People's Committee of Binh Thuan province to organize the preparation, appraisal and approval of the project investment decision similar to group A projects.

Providing additional VND 17,100 billion in charter capital for Agribank: Need to assess the impact on the state budget photo 2
Minister of Planning and Investment Nguyen Chi Dung. Photo: QUANG PHUC

Presenting the review report, Chairman of the Committee for Science, Technology and Environment Le Quang Huy said that adjusting the investment policy of this project is necessary for early implementation. Adjusting the total investment capital of the project is also necessary, however, it is recommended that the Government and the People's Committee of Binh Thuan province review and carefully calculate the cost items to ensure feasibility when implementing the project; take full responsibility for the basis, method of determination, accuracy of the data in the cost composition, and the preliminary adjusted total investment in accordance with the provisions of law.

Providing additional VND 17,100 billion in charter capital for Agribank: Need to assess the impact on the state budget photo 3
Chairman of the Committee for Science, Technology and Environment Le Quang Huy said that adjusting the investment policy of this project is necessary for early implementation. Photo: QUANG PHUC

In addition, further evaluate the subjective causes leading to changes in technical solutions compared to the original design, slow completion of project approval procedures, leading to delays in progress, thereby drawing experience in future project implementation.

Thorough assessment

Regarding increasing charter capital for Agribank, Governor of the State Bank of Vietnam Nguyen Thi Hong said that investing in additional charter capital for this bank is necessary.

Providing additional charter capital of VND 17,100 billion for Agribank: Need to assess the impact on the state budget photo 4
Governor of the State Bank of Vietnam Nguyen Thi Hong said that investing in additional charter capital for this bank is necessary. Photo: QUANG PHUC

Presenting the audit report, Chairman of the Economic Committee Vu Hong Thanh said that increasing the charter capital for Agribank will help the bank ensure the minimum capital safety ratio (8%) as prescribed. At the same time, it will improve credit rating results, expand business operations and develop sustainably.

At the same time, meet the demand for credit capital to serve the country's socio-economic development, especially providing capital for the agricultural and rural sectors and implementing the national target program on "Building new rural areas" and "Sustainable poverty reduction".

Providing additional VND 17,100 billion in charter capital for Agribank: Need to assess the impact on the state budget photo 5

National Assembly deputies listen to submissions and verification reports. Photo: QUANG PHUC

The amount of capital the Government proposed to provide to Agribank is 17,100 billion VND. The Government submitted to the National Assembly for consideration and decision on the policy of investing additional charter capital for Agribank from the state budget to ensure the legal basis and proper authority according to the provisions of law.

According to Mr. Vu Hong Thanh, the majority of opinions in the Economic Committee agreed with the above proposal of the Government, providing additional charter capital for Agribank with a maximum amount of 17,100 billion VND to help this bank improve its financial capacity and ensure the minimum capital safety ratio according to regulations.

Providing additional VND 17,100 billion in charter capital for Agribank: Need to assess the impact on the state budget photo 6

Chairman of the Economic Committee Vu Hong Thanh. Photo: QUANG PHUC

However, Mr. Thanh suggested that the Government further assess the practical basis and current context affecting the state budget and balancing revenue sources; have a plan to handle the case that Agribank's budget payment in 2023 does not meet expectations, especially in the context of the current economic and business operations facing many difficulties, state budget collection, revenue and profit of Agribank may not meet expectations, and the possibility of successful bond issuance.



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