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THE
PRIME MINISTER
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SOCIALIST
REPUBLIC OF VIETNAM Independence
- Freedom - Happiness
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No.
230/2005/QD-TTg
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Hanoi,
September 21st, 2005
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DECISION
ON
THE PILOT EQUITIZATION OF THE BANK FOR FOREIGN TRADE OF VIENAM
THE PRIME MINISTER
Pursuant to the December 25,
2001 Law on Organization of the Government;
Pursuant to the June 12,1999 Enterprise Law;
Pursuant to the November 26,2003 Law on State Enterprises;
Pursuant to the December 12,1997 Law on Vietnam State Bank and the June 17,2003
Law Amending and Supplementing a number of Articles of the Law on Vietnam State
Bank;
Pursuant to the December 12,1997 Law on Credit Institutions and the June
17,2004 Law amending and Supplementing a Number of Articles of the Law on
credit Institutions;
Pursuant to the Governments Decree No.187/2004/ND-CP of November 16,2004, on
transforming state companies into joint-stock companies;
At the proposal of the Governor of the Vietnam State Bank and the Minister of
Finance,
DECIDES:
Article 1: To carry out
the pilot equitization of the Bank for Foreign Trade of Vietnam (VCB)
1. Objectives, requirements and
form of equitization
a. Objectives of equitization:
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- To increase financial
capability so as to ensure the operational safety and development of VCB.
- To raise the competitiveness
of VCB in the context of international economic intergration.
- To maintain VCB as one of
leading banks in Vietnams banking system.
b. Requirements of equitization:
- To diversity forms of
ownership with a view to raising managerial capability and operational
efficiency of VCB.
- The equitization of VCB must
be carried out in a safe manner, not causing big changes in the operation of
the banking system, and ensuring the operational efficiency of VCB.
- To ensure the domain role of
the State toward VCB as well as maximum interests for the State.
- To effect publicity and transparency
according to market rules.
- To mobilize capital from
people of all strata and economic sectors at home and abroad.
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To keep unchanged the existing
state capital amount at VCB according to the re-valuated value and issue shares
to attract more capital on the following principles:
- The State shall hold dominant
shares of VCB. The sale of shares shall be conducted in many stages in which
the States capital proportion shall decrease gradually, but not be lower than 51%
of the charter capital of VCB.
- To ensure that the capital
safely ratio of VCB is kept at the minimum ratio according to international
practices.
d. The charter capital level
shall be submitted by the Governor of the State Bank to the Prime Minister for
decision in the equitization plan.
e. Subjects of, and restriction
on, share purchase:
- Domestic and foreign investors
according to the provisions of law.
- Each legal entity may own at
most 10% and each individual may own at most 5% of the charter capital of VCB.
- Each foreign investor may own
at most 10% of charter capital and the total number of shares held by foreign
investors must not exceed 30% of the charter capital of VCB.
2. Contents of equitization of
VCB
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- The method for valuing VCB
shall be decided by the State Bank in coordination with the Ministry of Finance
on the basis of proposals of international consultancy organizations and
current provisions of law.
- The time for enterprise valuation
shall be December 31, 2005.
- To analyze and assess business
activities of VCB.
- To formulate a plan on capital
increase and organization of share issuance.
- VCB shall be permitted to hire
international consultants to effect its equitization according to the
above-stated contents.
b. Roadmap for sale of shares
- In 2006, VCB shall sell shares
in many rounds to increase its capital, with shares sold in each round
accounting for no more than 10% of its charter capital, while ensuring that the
proportion of its charter capital owned by the State shall not be lower than
70%.
- In the 2007-2010 period, VCB
shall continue selling shares in order to increase its charter capital but the
proportion of its charter capital owned by the State must not be lower than
51%.
Article 2. Assignment of
implementation
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a. Propose the Vietnam State
Bank and the Ministry of Finance to decide on the hire of International
consultants for its equitization;
b. Carry out its equitization
according to the content and process under the provisions of the Governments
Decree No.187/2004/ND-CP of November 16, 2004, on transforming state companies
into joint-stock companies;
c. Formulate and report to the
Vietnam State bank its equitization plan for submission to the Prime Minister
for approval.
2. The Vietnam State Bank shall:
a. Assume the prime
responsibility for, and coordinate with the Ministry of Finance, in selecting
specific consultancy organizations.
b. Bear the main responsibility
in organizing, supervising and directing the implementation of the Prime
Ministers decision on the equitization of VCB.
c. Perform other tasks as
provided for in the Governments Decree No. 187/2004/ND-CP of November 16, 2004,
on transforming state companies into joint-stock companies.
3. The Ministry of Finance
shall:
a. Coordinate with the Vietnam
State Bank in selecting international consultancy organizations for the
equitization of VCB.
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c. Perform other tasks provided
for in the Governments Decree No.187/2004/ND-CP of November 16, 2004, on
transforming state companies into joint-stock companies.
Article 3. This Decision
takes effect 15 days after its publication in CONG BAO.
The Governor of the Vietnam
State Bank, the Ministers of Finance; Planning and Investment; Labor, War
Invalids and Social Affairs, and Home Affairs, heads of relevant agencies, the
Steering Committee for Enterprise Renewal and Development, and the Managing
Board of VCB shall have to implement this Decision.
FOR
THE PRIME MINISTER
DEPUTY PRIME MINISTER
Nguyen Tan Dung