State-owned
enterprises (SOEs) have invested over 10 trillion dong in banks. However, the
capital divestment from this sector is going very slowly.
Ministry of Finance (MoF)’s report sent to the
National Assembly (NA) delegates recently showed till the end of 2010, SOEs
poured over 10.128 trillion dong in banking sector, much higher than that for
other sectors.
In previous years, these SOEs had also poured
a huge amount of capital in banking sector such as 7.977 trillion dong in 2007,
11.427 trillion dong in 2008 and 8.734 trillion dong in 2009.
In response to the government’s appeal, some
SOEs have started capital divestment from banking system, but the performance
do not meet target.
Tran Xuan Hoa, chairman of Vietnam National
Coal and Mineral Industries Group (Vinacomin)’s member board said that the
capital divestment from banking system should have a roadmap. Currently, the
group is waiting for the detailed direction from the government and NA about
the capital divestment plan from non-core investments.
Vinacomin now have about 300 billion dong
investing in Saigon-Hanoi Commercial Joint Stock Bank (SHB), SHS Securities JSC
and SHB- Vinacomin Insurance JSC.
Trinh Cong Loan, chief supervisor of Vietnam
National Cement Corp (Vicem) also said that the SOEs’ capital divestment from
non-core business lines (finance and banking) should not be done in a hurry but
it requires a specific schedule to avoid the disruption.
A representative from Vietnam National
Petroleum Corp (Petrolimex) said not all investments in banking sector are
non-core investments. For example, Petrolimex is investing in a joint venture
bank with India. But the purpose of this investment is to support the petroleum
imports. Presently, this bank is also very profitable.
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