BIDV asked to help expand investment abroad

Prime Minister Nguyen Xuan Phuc has asked the Bank for Investment and Development of Vietnam (BIDV) to continue taking the pioneer role in supporting businesses to expand investment abroad, especially in Laos and Cambodia, and become a leading commercial bank in the region.

Prime Minister Nguyen Xuan Phuc (first, right) presents the Labour Order, first class, to BIDV (Photo: VNA)

Speaking at a ceremony in Hanoi on April 15 to mark the bank’s 60th founding anniversary, the PM said that BIDV must consider the assistance as an international mission, helping speed up Vietnam’s global integration and enhance the country’s prestige in the region and the world, initially in Laos, Cambodia and Russia.

The ceremony was attended by former Party General Secretary Le Kha Phieu, former National Assembly Chairman Nguyen Sinh Hung, and Lao National Assembly Chairwoman Pany Yathotou, among others.

He urged the bank to actively and effectively engage in the reform of credit institutions, whose focus is settling bad debts and banks with poor performance, in the role as the largest joint stock commercial bank in the country.

At the same time, the bank should continue renovating and improving its financial management, operational effectiveness and competitiveness, thus entering the list of top 25 largest commercial banks in ASEAN.

Learning that BIDV’s current charter capital of about US$1.5 billion is lower than that of many regional banks, he asked the bank to increase its financial capacity and take it as a priority task.

Along with making the best use of information technology to take advantage of the fourth industrial revolution, BIDV should improve its management and governance capacity towards international standards, while simplifying procedures to enable capital access for lenders, he asked.

BIDV was also requested to ensure a capital source for socio-economic development programmes as well as major national projects and prioritized sectors such as agriculture, high tech industries, export, support industry, while supporting startups and small and medium-sized enterprises.

As one of the oldest credit institutions of Vietnam, BIDV’s initial missions include providing capital to national projects serving the national recovery and construction.

The bank’s asset has mounted to VND1 quadrillion, with over 1,000 branches and transaction offices with over 25,000 employees. Annually, the bank contributes VND5 trillion to the State budget. It has become the first bank to invest abroad in six countries, including Laos and Cambodia.

At the ceremony, Prime Minister Nguyen Xuan Phuc presented the Labour Order, first class, to the bank.

On the occasion, BIDV was honoured with Laos’s Independence Order, first class, and Cambodia’s Monisaraphon Medal, Moha Seruivanth class.

Source: VGP

Other news

Most view

Vietnamese tea wins “Teas of the World” awards

Vietnamese tea wins “Teas of the World” awards

The saviour of Vietnamese tea has won hearts at the first International Gourmet Tea Competition “Teas of the World” recently held by the Agency for the Valorisation of Agricultural Products (AVPA) in Paris, France.

Economy

185 leading domestic & in't enterprises join in VN ETE 2018

The Vietnam Exhibition of Electrical Technology and Equipment (Vietnam ETE 2018) and the Exhibition of Products, Technologies for Energy Saving and Green Power (ENERTEC EXPO 2018) yesterday kicked off in HCMC’s Saigon Exhibition Convention Center in district 7.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

SAS profits VND 118bln

The Southern Airports Service Joint Stock Company (Sasco) which is listed under code SAS on the Unlisted Public Company Market (UPCoM), announced its second quarter’s financial report with net revenue at VND 634.5billion, an increase of 14 percent compared to last year.