Compulsory transfer of 4 banks under special control approved
The State Bank of Vietnam (SBV) said competent authorities have approved the plan for compulsory transfer of four banks under special control, namely Construction Bank (CB), OceanBank, GPBank and DongA Bank.
In a report to the National Assembly's Economic Committee, the central bank said that currently, relevant parties are preparing to submit the plan to the government for approval.
Of the four, CB, OceanBank and GPBank were aquired by the SBV for free in 2015. In the same year, DongA Bank came under special control.

A transaction office of CB, one of the four banks under special control to be compulsorily transferred. Photo courtesy of the bank.
From mid-2022, some sources said CB and OceanBank may be transferred to state-owned Vietcombank and Military Commercial Bank (MBBank).
At MBBank's annual general shareholder meeting on April 25, deputy CEO Pham Nhu Anh said the bank’s plan to receive a weak credit institution is in the valuation phase, and that the compulsory transfer is expected to occur in late 2023 or early 2024.
According to him, the move will give MBBank an opportunity to enjoy a growth rate 1.5-2 times higher than the average level in the long term, improve competitiveness and have more space for expansion.
Joining the restructuring of credit institutions is also one of the conditions for MBBank to get more favors in applying for credit room extension and a number of special incentives under SBV regulations.
Also at private lender VPBank's 2023 annual general meeting, shareholders approved a plan on capital contribution/share purchase, establishment or acquisition of subsidiaries and associated units, participation in restructuring of and support for weak credit institutions and funds. According to recent rumors, VPBank may receive the compulsory transfer of GPBank.
VPBank is one of four banks participating in restructuring weak banks and receiving compulsory transfer, its chairman Ngo Chi Dung said, adding such banks may not only be entitled to a higher credit cap but also allowed to have their foreign ownership ratio raised to 49%.
According to the SBV, two commercial banks receiving compulsory transfer of weak credit institutions have proposed to raise their foreign ownership ceiling to 49%, from the current 30%.
Under the government's Decree No. 01/2014/ND-CP on foreign investors buying stakes in Vietnamese credit institutions, the foreign ownership ratio must not exceed 5% of charter capital for an individual and 15% for an institution. The aggregate foreign ownership is capped at 30%.
According to a draft decree released last December, Vietnamese banks that acquire or participate in restructuring "weak" banks can raise their foreign ownership ratio to 49%, higher than the current maximum level of 30%. The draft will amend Decree No. 01.
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