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

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