HA NOI (Biz Hub)— Managers of the Vietnam Development Bank (VDB) can be suspended if the lender is placed under special control, a draft charter for VDB's operations recently-completed by the Ministry of Finance said.

According to the draft, general manager, deputy general director of the VDB shall not be managers or chairman of the Board of Directors (BOD) of another credit institution [unless it is a subsidiary of the VDB] nor involve in the management of other businesses.

In particular, Chairman of the Member Board of VDB shall not be VDB's director; nor member of the member board and the BOD of another credit institution, unless it is a subsidiary of the VDB.

In case the VDB is placed under special control, a special supervisory board formed by an authorised agency can suspend or temporarily suspend the implementation of tasks and powers of the chairman and members of the member board, head and members of the supervisory board, general manager if necessary.

Established in May 2006, the VDB, a policy bank fully-owned by the state, serves credits for projects of national importance, and lending programmes decided by the Government.

Recently, the Prime Minister has signed a decision to increase charter capital of the VDB to VND20 trillion by 2015 and to VND30 trillion by 2020. — StoxPlus