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Nine banks successfully raised chartered capital to VND1tril
Nine out of ten banks have fulfilled the plan on raising chartered capital to VND1tril prior to January 1, 2009 as required by the laws. The procedures were completed in the last days of 2008.
Under the Government’s Decree No 141, the chartered capital of commercial banks must be VND1tril at least prior to January 1, 2009, while the required minimum chartered capital must be VND3tril by 2010. The banks, which are established after December 31, 2008, must have the chartered capital of VND3tril.
Of the 37 joint stock banks named on the website of the State Bank of Vietnam by the end of the last year, 10 banks were found as having the chartered capital of between VND50bil and VND940bil.
The State Bank of Vietnam has said that nine of the ten banks which had the chartered capital of less than VND1tril, have fulfilled the plan to increase capital. The tenth bank is trying to fulfill the administrative procedures.
The banks’ capital increase plan has been facing a lot of challenges due to the sharp falls of the stock market in 2008. However, Governor of the State Bank of Vietnam still threatened to discipline the banks which cannot have the required capital by revoking the operation licenses or merging into other banks.
VNE
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