At the National Assembly session on the afternoon of October 23, Deputy Prime Minister and Minister of Finance Ho Duc Phoc, acting on behalf of the Prime Minister, presented to the National Assembly the plan for additional state capital investment in the Vietnam Foreign Trade Commercial Bank (VCB).

According to the Deputy Prime Minister, supplementing state capital in VCB from the remaining profits of 2021 is "very necessary" to improve the efficiency and competitiveness of state-owned enterprises, in order to better fulfill their leading and pivotal role in several important sectors.

Minister Ho Duc Phoc.jpeg
Deputy Prime Minister and Minister of Finance Ho Duc Phoc. Photo: National Assembly

The capital injection also helps VCB enhance its financial capacity to strive to become one of the top 100 largest banks in Asia; it empowers VCB to implement government policies and support the economy, such as credit policies for agricultural and rural development; interest rate support policies; and credit provision for many important national projects…

Regarding authority, Mr. Phớc stated that VCB proposed an additional state investment of 20,695 billion VND. With this additional state investment, the National Assembly will have the authority to decide on the investment policy, and based on that, the Prime Minister will issue a decision.

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

VCB proposes to increase its charter capital from the above sources by 27,666 billion VND. VCB's current charter capital is 55,891 billion VND; after the issuance of the additional 27,666 billion VND, VCB's charter capital will be 83,557 billion VND.

Under this plan, the portion of profits distributed to state shareholders in the form of shares is VND 20,695 billion.

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

Reviewing this matter, the Chairman of the National Assembly's Economic Committee, Vu Hong Thanh, stated that the Committee agrees with the necessity of investing additional state capital in VCB.

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

The majority of opinions within the Economic Committee suggested clarifying the structure of the additional capital invested in VCB, ensuring consistency and alignment with the purpose of the additional state capital investment. The focus should be on expanding business operations and providing credit to priority sectors and large-scale national key projects.

The Economic Committee agreed with the Government's proposal to include the content of additional state capital investment in VCB in the Resolution of the 8th Session of the 15th National Assembly.

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