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Banks told to check State-owned investment
The State Bank of Viet Nam has instructed commercial banks to check the investments of economic groups and State-owned corporations in accordance with a prime ministerial official document.
The instruction, designed to ensure economic groups and State-owned corporations comply with regulations and obtain prime ministerial approval before investing in finance, banking and securities, was issued late yesterday.
The prime ministerial document also orders the Finance Ministry to examine the financial condition; capital demand for production and business of economic groups and general State-owned corporations.
The examination will help determine whether or not these entities need to expand their investment as commercial banks increase their charter capital.
It should help ensure that State-owned-enterprise investment is sound.
State-owned telecommunications giant Viet Nam Post and Telecommunications Group (VNPT) received Government approval last week to increase its holding in the Maritime Bank to 19.3 per cent, or 96.6 million shares from 91.97 million shares.
The rise in stake is part of Maritime Bank's effort to increase its charter capital from VND3 trillion (US$153.84 million) to VND5 trillion ($256.41 million) this year.
To be updated.
vietnamnews
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