Vietnamese PM gives green light to three major banks

28 September 2006

Vietnam's prime minister has permitted three top state-owned banks to sell shares publicly in order to boost competitiveness, an official told the Associated Press on Thursday.

Nguyen Tan Dung has given the go ahead to the Industrial and Commercial Bank of Vietnam, the Bank for Investment and Development of Vietnam, and the Vietnam Bank for Agriculture and Rural Development.

"It's part of the roadmap to restructure the state-owned banks to improve their competitiveness as Vietnam prepares to join the World Trade Organization," the deputy administrative head of the State Bank of Vietnam, Nguyen Van Cau told the news agency.

The process could start as early as next year, according to Pham Huyen Anh, an official at Incombank, speaking to Agence France Presse.

"We will submit in October a detailed project to the SBV and the government after discussions with Vietnamese and foreign experts," he said.

The shares are being sold as part of general equitization plans, the term used by the Vietnamese to the partial privatization of public companies.

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