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Vietnam Today

Vietnam a founding member of new Asia bank

Released at: 14:12, 30/06/2015

Vietnam a founding member of new Asia bank

Asia Infrastructure Investment Bank to come into being later in the year with more than 50 founding members.

by Tue Lam

Vietnam News Agency has announced that the Governor of the State Bank of Vietnam Nguyen Van Binh and other founding members of the Asia Infrastructure Investment Bank (AIIB) have signed the operational charter of the bank in Beijing, China.

According to Governor Binh, in joining the AIIB as a founding shareholder Vietnam receives more privileges, including the right to participate in the planning of the bank’s policies from the outset and during its operations.

Furthermore, as a founding shareholder Vietnam can join the executive levels of the bank, such as CEO and Alternate Director, in the future.

After establishment the AIIB will be a multilateral financial institution headquartered in Beijing with charter capital of $100 billion. China will account for 30.34 per cent and hold 26.06 per cent of voting rights.

AIIB currently has 57 founding members and is expected to officially come into operation later this year. Its goal is promoting sustainable economic development through investments in infrastructure, focusing on transport, energy, telecommunications, agriculture, environment, and urban development.

In the process of compiling the legislation and policy framework for AIIB’s operations, Vietnam and other members, especially developing countries, made efforts to make AIIB transparent, effective, and based on international standards.

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