Vietnam to begin privatizing banks
HANOI - Vietnam will sell stakes in four of the nation's largest state-owned banks this year, the government announced Friday on its Web site.
Vietnamese Prime Minister Nguyen Tan Dung has approved plans for Vietcombank, Housing Bank of Mekong Delta, Bank for Investment and Development of Vietnam, and Incombank to each sell a 30 percent stake to private investors, the government statement said.
It wasn't immediately clear how the stakes would be sold, including whether shares would be offered on the stock market.
The government will retain control of the remaining 70 percent of the banks, the statement said.
A detailed plan will be submitted to the government soon, said Nguyen Quoc Tien, Vietcombank's spokesman.
Earlier this week, the prime minister approved a list of 71 state firms to be privatized between now and 2010, including two of the banks.
After Vietnam joins the World Trade Organization next week, it will be required to open its banking sector to foreign investors, who will be allowed to set up 100 percent foreign-owned branches for the first time.
The Associated Press - January 5, 2007.
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