More Vietnam banks to list in stock exchange

The quick recovery of Vietnam's economy and the need to improve banks' position and competitiveness in the market have prompted them to list their shares this year.

The HCM City Housing Development Bank Chairwoman Le Thi Bang Tam said they planned to raise its charter capital from the current US$142.85 million to US$190.47 million and prepare necessary conditions to list on the official bourses.

The bank expects that its listing plan will go smoothly partly because of its achievements last year. In 2010, HDBank earned profits of US$16.7 million, which is US$2.42 million higher than the set target, Tam said.

The Military Joint Stock Commercial Bank also delayed its listing plan last year and is set to do it this year.

MB deputy general director Cao Thi Thuy Nga said last year the stock market had faced many difficulties, and the bank did not have the right conditions for listing on the official bourse. The bank's management board had asked for permission from its shareholders to continue preparing for listing this year, Nga said.

The Techcombank, one of the big joint stock banks, also wants to go public soon.

"We are making careful preparatory steps to ensure that the listing plan can be implemented successfully this year," said general director Nguyen Duc Vinh.

Most of the banks planning to list see it as a necessary move to improve their liquidity, polish their trademark and sharpen their competitive edge.