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Deputy PM urges IFC to buy stakes in major commercial banks

Update: November, 08/2019 - 09:08
Deputy Prime Minister Vương Đình Huệ (r) welcomes IFC Chief Operating Officer Stephanie von Friedeburg in Hà Nội yesterday. — VNA/VNS Photo

HÀ NỘI — Deputy Prime Minister Vương Đình Huệ has suggested the International Financial Corporation (IFC) continue buying stakes in Việt Nam’s major commercial banks.

The official made the suggestion when meeting with the IFC Chief Operating Officer Stephanie von Friedeburg in Hà Nội yesterday.  

The Deputy PM said IFC’s investment in Vietnamese banks and financial institutions has helped with the equitisation process, the private sector’s development and mobilisation of capital for infrastructure.

IFC has already invested in the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Sacombank and ABBank. 

He noted the Vietnamese Government is aware of the imbalance in the capital market and has been restructuring this market.

He informed the guest about some important infrastructure projects to be launched in the future, such as the Long Thành airport and the North-South highway, asking the IFC to provide funding to enterprises and banks for investment in those projects.

The IFC executive said the institution appreciates the opportunities for financial investment in Việt Nam, adding that it wants to work with Việt Nam to develop the country’s capital markets through introducing new products on the stock market, helping develop the corporate bond market and invest in large-scale projects in the country.

She asked the Vietnamese Government to allow international financial organisations to accept mortgages in the form of land use rights and land-linked assets.   

Deputy PM Huệ said the issue has not been covered in Vietnamese law. He assigned the Ministry of Natural Resources and Environment, the State Bank and the Ministry of Justice to study the matter and report to the Prime Minister.

The same day, Politburo member and Chairman of the Party Central Committee’s Economic Commission Nguyễn Văn Bình met von Friedeburg and Director at Asian Development Bank in charge of the Republic of Korea, Papua New Guinea, Sri Lanka, Taiwan (China), Uzbekistan, Vanuatu, and Việt Nam, In-chang Song. — VNS

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