At the National Assembly meeting on the afternoon of October 23, Deputy Prime Minister and Minister of Finance Ho Duc Phoc, authorized by the Prime Minister, submitted to the National Assembly the policy of investing additional state capital at the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB).

According to the Deputy Prime Minister, adding state capital to VCB from the remaining profits in 2021 is "very necessary" to improve the efficiency and competitiveness of state-owned enterprises, to play a leading and pivotal role in a number of important areas.

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Deputy Prime Minister and Minister of Finance Ho Duc Phoc. Photo: QH

The additional capital also helps VCB improve its financial capacity to strive to reach the region and be in the top 100 largest banks in Asia; helps VCB have the potential to implement State policies and support the economy such as credit policies for agricultural and rural development; interest rate support policies, credit provision for many important national projects...

Regarding authority, Mr. Phoc said that VCB proposed to invest additional state capital with the amount of VND 20,695 billion. With this additional state capital investment, the National Assembly will have the authority to decide on the investment policy, on that basis, the Prime Minister will issue a decision.

According to VCB's report, VCB's remaining profit after setting aside funds and paying cash dividends by the end of 2018 and remaining profit in 2021 is VND 27,702 billion (equivalent to 49.564% of charter capital).

VCB proposed to increase its charter capital from the above sources with the amount of 27,666 billion VND. VCB's current charter capital is 55,891 billion VND. After the issuance, it will increase by 27,666 billion VND, and VCB's charter capital will be 83,557 billion VND.

With this plan, the profit divided to State shareholders in shares is 20,695 billion VND.

“This is considered an additional investment of state capital in VCB. The above figures have been confirmed by the auditors when auditing VCB’s 2023 financial statements. Therefore, the Government agrees that the additional state capital invested in VCB is VND 20,695 billion,” the Deputy Prime Minister stated.

Examining this content, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said that the Committee agreed with the need to invest additional state capital at VCB.

VCB is a commercial bank in which the State holds more than 50% of its charter capital. Therefore, the investment in additional charter capital for VCB is carried out in accordance with the provisions of the Law on Management and Use of State Capital Invested in Production and Business at Enterprises and related regulations.

The majority of opinions in the Economic Committee proposed to clarify the structure of using additional capital invested at VCB on the basis of ensuring suitability and consistency with the purpose of additional state capital investment, in which the focus is on expanding business activities and providing credit to priority sectors and fields, and large-scale national key projects.

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.

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