State-owned firms’ divestment from banks proceeds slowlyVietNamNet Bridge - As the stock market has bounced back, state-owned corporations are speeding up divestment from banks, but the process has been slower than anticipated. The high price of NVB as welcomed by the bank’s shareholders, including Vinatex, which is still holding 6.9 million NVB. Vinatex has been trying to divest from NVB in the last decade, but it failed because the price of NVB, like other banks’ shares, was below the break-even point. PetroVietnam, the national oil and gas group, for example, invested VND800 billion in Ocean Bank, to buy 20 percent of the bank’s shares. The remaining capital will continue to be withdrawn as Vietcombank plans to organize another bank share auction on April 17.

Source: VietNamNet News April 15, 2018 01:30 UTC