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Gov't to ease bank share policies for overseas firms

Update: April, 21/2015 - 09:00
Prime Minister Nguyen Tan Dung receives President of the Bank of Tokyo-Mitsubishi UFJ, (BTMU), Nobuyuki Hirano (left) , in Ha Noi yesterday. — Photo VNA
HA NOI (VNS) — Foreign investors might soon to be allowed to buy more shares in Viet Nam's commercial banks.

At present, total shareholding is limited to 30 per cent of charter capital, Prime Minister Nguyen Tan Dung said yesterday.

Speaking at a ceremony to mark the visit of the President at the Bank of Tokyo-Mitsubishi UFJ, (BTMU), Nobuyuki Hirano, in Ha Noi yesterday, Dung said the Vietnamese Government was working on legal documents to allow this to happen.

The Prime Minister said the Vietnamese Government would create favourable, open and encouraging policies and investment environment for foreign investors, including those from Japan.

He added that the commitments aimed at investors with long-term and successful business in Viet Nam, including those in the banking sector.

Dung noted that BTMU, which is Japan's largest bank and has market capitalisation of about US$170 billion, had invested in a series of big projects by Japanese enterprises in Viet Nam.

He highly praised BTMU's investment, worth billions of US dollars, into industrial production, energy infrastructure and transport constructions, which, he said, were the results of a roundtable between the Vietnamese Prime Minister, BTMU and 13 largest corporations of Japan in Tokyo last year.

Dung said he also highly appreciated BTMU's participation as a strategic shareholder of Viet Nam Joint Stock Commercial Bank for Industry and Trade, VietinBank, and its commitment to continue capital support for Japanese enterprises in Viet Nam.

BTMU was also praised for its support for Viet Nam to develop supporting industries, hi-technologies, infrastructure and agriculture products.

Hirano told the PM that Viet Nam ranked second among ASEAN countries chosen for investment by Japanese enterprises.

The bank leader said the investment flow from Japan would continue to increase.

Besides the current sectors, Japanese investment would be strong in supporting industries, hi-tech industries, energy infrastructure, transport and agriculture products in Viet Nam, he said, adding that these would be sectors where BTMU was willing to back both Japanese and Vietnamese enterprises.

Japanese enterprises would be willing to transfer technologies for supporting industries to Vietnamese small and medium-sized enterprises, he said.

Hirano praised Viet Nam's rapid and sustainable development orientations as well as the strategic breakthroughs in policies, infrastructure and human resources alongside with the country's economic development.

He said Viet Nam needed foster workforces with higher skills, develop private enterprises and supporting industries, urging it to boost equitisation, infrastructure development and administrative reform. — VNS

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