On the afternoon of October 23, Deputy Prime Minister of the Government, Minister of Finance Ho Duc Phoc, authorized by the Prime Minister, presented the Proposal on the policy of additional state capital investment at Vietcombank.
Deputy Prime Minister of the Government, Minister of Finance Ho Duc Phoc stated the need for additional state capital investment at Vietcombank.
Accordingly, the additional investment of state capital at Vietcombank aims to meet the minimum capital safety ratios as prescribed; helping Vietcombank have the potential to implement state policies and support the economy such as credit policies serving agricultural and rural development.
Interest rate support policy; providing credit for many important national projects with particularly large capital needs and fulfilling obligations to the State budget.
Regarding authority, Vietcombank proposed to invest additional state capital with the amount of 20,695 billion VND. Pursuant to the provisions of Article 17 of Law 69/2014/QH13, 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 on capital investment.
According to Vietcombank's report, the remaining profit after setting aside funds and paying cash dividends by the end of 2018 and the remaining profit in 2021 of Vietcombank is 27,702 billion VND (equivalent to 49.564% of charter capital).
Vietcombank proposed to increase its charter capital from the above sources with the amount of 27,666 billion VND (to ensure the rounding rate of 49.5%). The remaining profit of VND 36 billion will be added to the following issuances).
Vietcombank's current charter capital is 55,891 billion VND. After the issuance of an additional 27,666 billion VND, Vietcombank's charter capital is 83,557 billion VND.
With this plan, the profit to be distributed to State shareholders in shares is 20,695 billion VND (rounded). This is considered as the additional investment of State capital in Vietcombank.
The above figures have been confirmed by the Auditor when auditing Vietcombank's 2023 Financial Statements. Therefore, the Government agreed that the additional state capital invested in Vietcombank is 20,695 billion VND.
The Government proposes that the National Assembly Standing Committee consider and submit to the National Assembly for decision the policy of additional state capital investment in Vietcombank and include it in the Joint Resolution of the 8th Session of the 15th National Assembly regarding the following content:
Approving the policy of investing additional state capital to maintain the state capital contribution ratio at Vietcombank with the amount of 20,695,100,980,000 VND from stock dividends distributed to state shareholders from the remaining accumulated profit up to the end of 2018 and the remaining profit in 2021 of Vietcombank.
Reporting on the review of this content, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said that the Economic Committee basically agreed with the capital level and source of additional state capital investment at Vietcombank as proposed by the Government.
Mr. Vu Hong Thanh said that there were opinions suggesting a more thorough and careful assessment of the impact on the effectiveness of additional state capital investment at Vietcombank, including the impact on the bank itself, the development of the banking industry and the economic efficiency of the investment capital.
There are opinions requesting clarification of the statement "the capital source proposed by Vietcombank to increase charter capital has no impact on the state budget" stated in the Government's submission.
