Vietnam committed to opening door in service sector
Vietnam is committed to opening door for foreign investors, especially in the field of services, according to the roadmap in signed bilateral and multilateral free trade agreements.
Deputy Prime Minister Vuong Dinh Hue (R) and President of the Warburg Pincus Timothy Geithner (Photo: VNA)
Hanoi (VNA) – Vietnam is committedto opening door for foreign investors, especially in the field of services,according to the roadmap in signed bilateral and multilateral free tradeagreements.
Deputy Prime Minister Vuong Dinh Hue made thestatement while receiving President of the Warburg Pincus Timothy Geithner inHanoi on December 17.
In the banking sector, the Vietnamese Governmentwill consider reducing the State’s holding in joint stock commercial banks tocreate more opportunities for other investors, he said.
The Deputy PM elaborated that the State’sholding in the four major banks – BIDV, Vietinbank, Vietcombank and Agribank,which account for more than 50 percent of the total credit supply of thebanking sector – will be reduced to 65 percent by 2025.
The Government has included in the draft revisedLaw on Investment and Law on Enterprises stipulations about non-voting sharesto enable foreign investors to increase their ownership while ensuring the controlof risks, he added.
The two bills will be discussed and adopted atthe ninth session of the 14th National Assembly in May 2020, according to Hue.
He added that the Government is also studyingthe issuance of regulations on golden shares to increase the involvement ofprivate investors in developing the credit and payment system in Vietnam.
Hue hoped the US fund will continue expandingits investment in the fields encouraged by the Vietnamese Government such asinfrastructure, high technology, new materials, renewable energy, supportingindustry, and information technology.
Geithner, who is former US Treasury Secretary,highly appreciated Vietnam’s efforts in improving business and investmentenvironment, and attention to developing financial services, including newareas such as digital banking and online payment.
He suggested the Vietnamese Government allowhigher foreign ownership in commercial banks in order to attract more foreigninvestment and facilitate non-cash payment in the country./.
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Deputy Prime Minister Vuong Dinh Hue (R) and President of the Warburg Pincus Timothy Geithner (Photo: VNA) 
