Customers at a VIB Bank office

The State Securities Commission of Vietnam has permitted two Hanoi-based banks to sell 110 million shares to the public.

An announcement seen on the State Securities Commission website Tuesday said the stock market regulator has allowed Tien Phong Joint Stock Commercial Bank to sell 50 million shares at the face value of VND10,000.

The authority said the bank must sell the shares within the next three months. It said the bank has a chartered capital of VND1.25 trillion (about $69 million).

The State Securities Commission also announced earlier that Vietnam International Commercial Joint Stock Bank (VIB) had given permission to sell shares to its existing shareholders at the face value of VND10,000.

Hanoi-based VIB said it was selling the shares till the end of January 2010. FPT Securities is advisor to the bank in the share sale.

VIB has a chartered capital of VND2.2 trillion (about US$122 million).