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16 Vietnamese banks to raise capital ahead of Basel II norms

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16 Vietnamese banks to raise capital ahead of Basel II norms

More than a dozen Vietnamese banks are preparing to raise about 37 trillion Vietnamese dong in 2017 to meet Basel II requirements, scheduled to be implemented in September, Vietnam News Agency reported May 30.

The banks include Vietnam Joint Stock Commercial Bank for Industry & Trade, or Vietcombank; JSCB for Investment and Development of Vietnam, or BIDV; Military Commercial Joint Stock Bank, Vietnam Prosperity JSCB, or VP Bank; Vietnam Technological and Commercial Joint Stock Bank, or Techcombank; and Nam A Commercial Joint Stock Bank.

Vietcombank is seeking to raise its charter capital to nearly 39.6 trillion dong from 35.977 trillion dong via the sale of 359,777,745 shares through private placement.

BIDV is set to increase its charter capital by 4.445 trillion dong to 38.63 trillion dong, while Techcombank and VPBank plan to increase their charter capital by 5 trillion dong and 1.4 trillion dong, respectively.

Meanwhile, Military Bank and Nam A Bank are planning to increase their charter capital in the range of 1 trillion dong and 5 trillion dong, Vietnam News Agency noted.

The banks are looking to raise capital as they prepare to comply with Basel II requirements, due to take effect in Vietnam in September in a pilot program for 10 banks.

As of May 30, US$1 was equivalent to 22,711.00 Vietnamese dong.