Vietnamese gov't asks banks to increase capital
27/11/2006 16:20
The Vietnamese government has required banks in Vietnam to increase their
capitals to at least US$62.9 million or US$188.7 million, depending on kinds of
credit institutions, by the end of 2008.
Under a recent government decree,
legal capitals for joint stock banks, joint stock banks, wholly foreign-owned
banks and the Central People's Credit Fund in 2008 and 2010 were set at 1
trillion Vietnamese dong (VND) (roughly US$62.9 million) and 3 trillion VND
(nearly US$188.7 million), respectively, local newspaper Vietnam Economic Times
reported today.
Legal capitals for state-owned commercial banks in 2008 and
2010 are the same, standing at 3 trillion VND (nearly US$188.7
million).
Legal capitals for finance firms and finance leasing companies for
2008 were set at 300 billion VND (nearly US$18.9 million) and 100 billion VND
(roughly US$6.3 million), respectively. The respective figures set for 2010
stand at 500 billion VND (US$31.4 million) and 150 billion VND (US$9.4
million).
The government has assigned the governor of the State Bank of
Vietnam, the country's central bank, to revoke licenses of banks whose
registered capital is smaller than the legal capital, the newspaper
said.
xinhua
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