PetroVietnam to divest VND5 trillion from two banks

tohang

The Vietnam National Oil and Gas Group (PetroVietnam) will divest VND5 trillion or US$235 million from PVCombank and Ocean Bank by 2015.

PetroVietnam will divest from Ocean Bank and PVCombank by 2015. – Photo www.vinacorp.vn

HA NOI (Biz Hub) – The Vietnam National Oil and Gas Group (PetroVietnam) will divest VND5 trillion or US$235 million from PVCombank and Ocean Bank by 2015.

According to business news site ndh.com, the group's Deputy General Director Le Minh Hong announced this at the press conference on October 8.

The group currently holds 52 per cent of PVCombank's capital and 20 per cent of Ocean Bank's capital.

Hong said that PetroVietnam has already prepared road maps for its divestment from these two banks. However, they haven't been implemented because the government asked the group to continue investing in PVCombank till the end of 2015. Meanwhile, the group has to wait for instructions from the State Bank of Vietnam for its withdrawal from the Ocean Bank.

PetroVietnam has invested in 11 businesses that are not in the oil and gas sector and plans to divest from all of these, according to Hong.

Last March, PetroVietnam divested VND600 billion, or about $28 million, from the Lai Vu Industrial Zone by transferring the management to the Hai Duong Province. – VNS


  • Share:

see also

Vietnamese teas promising start in the UK under UKVFTA

Vietnamese tea's promising start in the UK under UKVFTA

The agreement offers Vietnamese tea producers and exporters a golden opportunity to tap into the UK''s unique tea culture.
Sev.en Global Investments plans large energy investments from Europe to Việt Nam

Sev.en Global Investments plans large energy investments from Europe to Việt Nam

Sev.en Global Investments, a prominent global investor based in the Czech Republic, is planning what will be the biggest investment from the nation into Việt Nam.
Seafood exports expected to exceed 10 billion in 2025: expert

Seafood exports expected to exceed $10 billion in 2025: expert

The achievement of the $10 billion export milestone in 2024 is attributed in part to efforts to open and strengthen connections with key markets such as the US and the EU.
UKVFTA provides a solid foundation for British businesses to expand investments in Việt Nam

UKVFTA provides a solid foundation for British businesses to expand investments in Việt Nam

The UKVFTA has fostered British investment in Việt Nam since its 2021 inception, says Britcham Chairman Denzel Eades.
Việt Nams GDP growth to outpace region peers: Oxford Economics

Việt Nam’s GDP growth to outpace region peers: Oxford Economics

Việt Nam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.