Joining the league of many big firms branching into banking, Vietnam National Textile and Apparel Group (Vinatex) announced recently that it has filed an application in the central bank for setting up an industrial bank.
Sources said that the bank, to be set up by Vinatex in collaboration with Hanoi Beer-Alcohol & Beverage Corporation, Vietnam Steel Corporation and Vietnam International Bank, will take up those industrial projects which do not benefit from the Government's credit policy.
Apart from the 41 percent equity that the four founders will share among themselves, the remaining 59 percent will be offloaded to other parties yet to be named.
Vinatex also has a 22 percent stake — the largest in the enterprise — in Empower Securities Co which was launched recently.
Seven state-run banks, including two policy banks and 34 partly private banks, now operate in Vietnam.
Sources said that the bank, to be set up by Vinatex in collaboration with Hanoi Beer-Alcohol & Beverage Corporation, Vietnam Steel Corporation and Vietnam International Bank, will take up those industrial projects which do not benefit from the Government's credit policy.
Apart from the 41 percent equity that the four founders will share among themselves, the remaining 59 percent will be offloaded to other parties yet to be named.
Vinatex also has a 22 percent stake — the largest in the enterprise — in Empower Securities Co which was launched recently.
Seven state-run banks, including two policy banks and 34 partly private banks, now operate in Vietnam.
