Parliament agrees to pump $813 mln into State-owned Vietcombank

The National Assembly (NA) on November 30 approved a policy proposed by the Government for pumping an addition of over VND20.69 trillion ($813 million) worth of State capital into the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to improve its financial capacity.

The capital will be sourced from stock dividends distributed to State shareholders from the accumulated profits as of the end of 2018 and the remaining profits in 2021 of Vietcombank.

The pumping of the capital will increase the charter capital of Vietcombank to VND83.557 trillion ($3.28 billion), the highest in Vietnam's current banking system.

Earlier this year, the Government proposed the NA to consider the pumping of the capital into Vietcombank to improve its financial capacity for expanding international reach and for it to become one of Asia’s 100 largest banks.