VNPT Okays to Form Bank

Deputy PM Nguyen Sinh Hung has given a nod to the Vietnam Posts and Telecommunications Group (VNPT) to work out project for establishing its own commercial bank based on the restructure of Postal Savings Service Company (PSSC).

 

VNPT is asked to appraise the value of PSSC in order to verify the capital contribution to form a bank.

 

Deputy PM also asked the State Bank of Vietnam to coordinate with ministries of Finance, of Post and of Telecommunications to appraise the project.

 

Statistics from the State Bank of Vietnam (SBV) showed that Vietnam now has total 152 credit institutions, including seven state-owned banks, 31 urban joint stock banks, four rural joint stock banks, 37 foreign bank branches, six joint venture banks, nine financial companies, 12 financial leasing companies, and 46 representative offices of foreign banks. (Vietnam Economic Times, Securities Investment)