THE PRIME MINISTER
SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom- Happiness
Hanoi, September 21st, 2005
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,
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:
- To increase managerial and executive capability and modernize banking technologies with a view to raising the efficiency of business activities an capital use.
- 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.
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