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VIETNAM
Industry/Funds
July 19, 2007

Top textile firm to help set up bank
The Vietnam National Textile and Garment group (Vinatex), the country's top textile and garment firm, plans to help form a commercial bank to serve major domestic industrial firms, state media said on July 19, Reuters reported.

Hanoi-based Vinatex would take a 14 percent stake in the Industry Bank, slated to have a registered capital of 1 trillion dong (US$62 million), the Vietnam Economic Times newspaper said.

Hanoi Alcohol Beer and Beverage Corp. would contribute 12 percent, followed by Vietnam Steel Corp.'s 10 percent and 5 percent from partly private Vietnam International Bank, it said.

The project also envisaged boosting the bank's registered capital -- which determines the size of its loans and deposits -- to 3 trillion dong by 2009.

Seven state-run banks and 34 partly private banks now operate in Vietnam. There are also branches of 35 foreign banks and six joint venture banks.

Several Vietnamese firms, including the largest telecoms company, VNPT, state oil and gas group Petrovietnam, Sacom have sought central bank permission to open commercial banks.

Kieu Huu Dung, head of the central bank's Department for Banks and Non-bank Credit Institutions, said the bank expected to start reviewing about 20 applications from major companies and private firms on forming banks on Friday.

"The number of new banks to be licensed by the year end may not be many," he told Wednesday's Dau Tu (Investment) newspaper, citing a long assessment process.

ANZ, Standard Chartered Plc and HSBC Holdings Plc had also sought to open 100 percent owned subsidiaries in Vietnam, Dau Tu said. (US$1=16,136 dong)
Seven state-run banks and 34 partly private banks now operate in Vietnam. There are also branches of 35 foreign banks and six joint venture banks.

Several Vietnamese firms, including the largest telecoms company, VNPT, state oil and gas group Petrovietnam, Sacom have sought central bank permission to open commercial banks.

Kieu Huu Dung, head of the central bank's Department for Banks and Non-bank Credit Institutions, said the bank expected to start reviewing about 20 applications from major companies and private firms on forming banks on July 20. Reuters

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