Vietnam’s Agribank Doubles Cap to VND21T
The state-owned Vietnam Bank for Agriculture and Rural Development (Agribank) said Tuesday it have doubled its registered capital to VND21 trillion with a capital injection of VND10.2 trillion from the government.
The Hanoi-based unlisted lender is seeking another state funding of VND10 trillion to help it gain a capital adequacy ratio of 8.5% by the year-end, Agribank said in a statement.
With new registered capital, Agribank will provide more loans to the local economy, especially rural and agricultural production.
The State Bank of Vietnam last month asked Agribank to curb lending growth rate to at least 20% this year after its credits soared 24.4% last year.
As of December 31 last year, Agribank had pumped a total of VND354.112 trillion into the economy and VND194.3 trillion of which were disbursed under the government’s interest rate subsidy program. Its bad debt ratio was curbed at 2.6%.
Agribank is the largest commercial bank in Vietnam, playing a decisive and important role in agricultural and rural financial market. (Agribank)
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