Saturday, April 29 2017

VietNamNews

BIDV asked to help expand Vietnamese investments abroad

Update: April, 17/2017 - 10:19
Prime Minister Nguyễn Xuân Phúc has asked the Bank for Investment and Development of Việt Nam (BIDV) to continue its pioneering role in supporting business investment abroad, especially in Laos and Cambodia. — VNA/VNS Photo Thống Nhất

HÀ NỘI – Prime Minister Nguyễn Xuân Phúc has asked the Bank for Investment and Development of Việt Nam (BIDV) to continue its pioneering role in supporting business investment abroad, especially in Laos and Cambodia, and becoming a leading commercial bank in the region. 

Speaking at a ceremony in Hà Nội on Saturday to mark the bank’s 60th founding anniversary, the PM said BIDV must consider assistance to companies as an international mission, helping speed up Việt Nam’s global integration and enhance its prestige, initially in Laos, Cambodia and Russia. 

The ceremony was attended by former Party General Secretary Lê Khả Phiêu, former National Assembly Chairman Nguyễn Sinh Hùng, and Lao National Assembly Chairwoman Pany Yathotou, among others. 

He urged the bank to engage in the reform of credit institutions, whose focus is settling bad debts and banks with poor performance, 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 make that a priority. 

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 capital for socio-economic development programmes as well as major national projects and prioritised sectors, such as agriculture, high tech industries, export, support industry, while supporting startups and small and medium-sized enterprises. 

The bank’s assets have grown to VNĐ1 quadrillion, with over 1,000 branches and transaction offices with over 25,000 employees. Annually, the bank contributes VNĐ5 trillion to the State budget. It has become the first bank to invest abroad in six countries, including Laos and Cambodia. 

At the ceremony, PM Phúc presented the Labour Order first class to the bank. 

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

 

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