Vietnam OKs to Sell Stakes in State-owned Banks, Companies

The government of Vietnam said recently on its web site it has agreed to the continued privatization plan of state-owned commercial joint stock banks and companies and will sell more shares in the coming time.

 

State Bank of Vietnam will continue privatizing Vietnam Foreign Trade Bank (Vietcombank), the Bank of Investment and Development of Vietnam (BIDV), the Industrial and Commercial Bank (Incombank), the Bank for Agriculture and Rural Development of Vietnam (Agribank) and Cuu Long Housing Development Bank.

 

With new listings of those big names, total market capitalization of Vietnam’s shares is forecast to surpass 50 per cent of its GDP by 2010, Le Hai Tra, vice director of Ho Chi Minh Stock Exchange was cited as saying October 28.

 

Currently, the two bourses – HOSE and HASTC – have a combined market capitalization of VND423 trillion ($26.43 billion), accounting 40 per cent of the country’s GDP, up from 22.6 per cent in 2006. (Government’s Website, Vnexpress)