By Hong Phuc - The Saigon Times DailyHCMC – Bank for Investment and Development of Vietnam, or BIDV, has delayed its plan to list over 2.3 billion shares on the Hochiminh Stock Exchange on June 26 as scheduled since the bank needs more time to finalize audit data, the bank’s CEO said.Pham Quang Tung told the Daily that BIDV has to complete the necessary procedures to list on the southern bourse. It is the third largest bank in Vietnam by assets, so it takes time to finalize audit data at the time of business transfer and handover, Tung said.BIDV has applied to list on bourse but the southern stock watchdog has told the lender to supplement some documents.A recent decline in the stock market is another reason for the delay but the bank has to ensure procedures follow regulations. After obtaining listing approval, BIDV will select a suitable time within the following 90 days to float shares on the bourse.According to Tung, the central bank issued a document on May 22 … [Read more...] about BIDV delays listing to finalize audit data
Bidv
BIDV contributes over VND5.5 trillion to State budget
The information was reported at a conference held by the lender in Hanoi on January 17 to review its performance in 2017 and devise tasks for 2018. In the past year, BIDV has almost achieved and exceeded its targets, with its total assets reaching VND1,176 trillion (nearly US$51.8 billion), a year-on-year increase of 16.7%. The bank mobilised over VND1,106 trillion (over US$48.7 billion) from its depositors, up 17.9% from the previous year, while its total outstanding loans and investments were nearly VND1,137 trillion (approximately US$50.1 billion), up 18%. The lender fulfilled 113.5% of the plan concerning its pre-tax profits in 2017, with VND8.8 trillion (over US$387.56 million). BIDV continued to affirm its role as a key force in implementing a monetary policy under the direction of the Government and the State Bank of Vietnam as well as being among the top enterprises contributing to the State budget. In addition, the bank was highly praised by both domestic and international … [Read more...] about BIDV contributes over VND5.5 trillion to State budget
BIDV to cut annual lending interest rate by 0.5 percent
Illustrative photo (Source: VNA) Hanoi (VNA) – The Bank for Investment and Development of Vietnam (BIDV) will cut down its lending interest rate for short-term loans in VND for prioritised sectors by 0.5 percent to 6 percent per year from January 15. The preferential rate will be applied to customers operating in export, support industry, hi-tech industry and hi-tech agriculture. At the same time, the bank will continue running large-scale loan packages with preferential interest rates that are lower than the normal rate by 1-1.5 percent per year for customers in the Government’s priority list. They include 10 trillion VND package for small and medium-sized enterprises, 20 trillion VND for large firms, and 3 trillion VND for micro enterprises and startups. Earlier, Agribank, Vietcombank and Vietinbank also announced their plans to cut interest rates for loans in five prioritised sectors to assist people and businesses in accessing capital, thus boosting economic … [Read more...] about BIDV to cut annual lending interest rate by 0.5 percent
BIDV to arrange loans for CIENCO 4
BIDV to arrange loans for CIENCO 4Phuong Thao By Phuong Thao - The Saigon Times Daily HCMC – Bank for Investment and Development of Vietnam (BIDV) and Civil Engineering Construction Corporation No. 4 (CIENCO 4) on Wednesday cut a deal on business cooperation in the 2013-2018 period. BIDV will arrange loans for CIENCO 4 to the tune of VND11.3 trillion to fund business and production projects in the next five years. The bank over the past three years has approved many large projects undertaken by CIENCO 4, such as Saigon-Trung Luong Expressway, Cau Gie-Ninh Binh Expressway, Phung and Vinh Tan bridges and Noi Bai International Airport- Nhat Tan Bridge connecting road. The bank has also financed other projects of CIENCO 4 such as Yen Lenh Bridge in Hung Yen Province, Da Khai hydropower plant in Lam Dong Province. Recently, they have cooperated in a number of components of a project for upgrading National Highway No. 1 from Hanoi to Can Tho City. … [Read more...] about BIDV to arrange loans for CIENCO 4
BIDV and Miss Vietnam 2008 to do charity activities
The Bank for Investment and Development of Vietnam (BIDV) will together with Miss Vietnam 2008 to conduct a programme on Social Security – for the Poor.The programme is expected to raise around VND 35 billion at the upcoming 2008 Miss Vietnam beauty pageant to support poor districts and communes of 27 provinces in the northern, central, Central Highland and south-western provinces.The figure was unveiled by Nguyen Bac Ha, head of the Executive Board of the Bank for Investment and Development of Vietnam (BIDV) – the main sponsor of the pageant – at a press briefing in Hanoi on August 18.Under the programme, BIDV and Tien Phong newspaper- the organiser of the Miss Vietnam beauty pageant call on sponsors to raise fund for the poor. To date, BIDV has received the response from 1,300 businesses. The fund, which is expected to reach VND 35 billion, will help districts and communes having 50% households living under the poverty line and poor infrastructure. Of which, 62 … [Read more...] about BIDV and Miss Vietnam 2008 to do charity activities
BIDV shuts down representative office in Myanmar
HÀ NỘI — The Bank for Investment and Development of Việt Nam (BIDV) on Tuesday announced the closing of its representative office in Yangon, Myanmar. According to Myanmar’s laws and regulations, foreign banks are required to shut down their representative offices after establishing a branch in the country. The BIDV’s representative office completed its mission in the market. BIDV established the office in April 2010, following a joint announcement between the Việt Nam and Myanmar governments on 12 prioritised sectors for economic co-operation, including the finance and banking industry. After seven years of operation, the office had contributed to promoting the co-operation in three areas of investment, trade and tourism, creating an investment wave from Việt Nam and Myanmar, as well as in making Việt Nam one of the biggest foreign investors in Myanmar. BIDV, on July 31, 2016, inaugurated its branch in … [Read more...] about BIDV shuts down representative office in Myanmar
Moody’s affirms ratings of BIDV, Maritime Bank
Moody’s Investors Service on Friday affirmed major ratings for two Vietnamese banks, BIDV and Martitime Bank.Accordingly, local currency bank deposits’ rating and local and foreign currency issuer ratings of BIDV have been affirmed at B1/Not Prime. Moody’s also affirmed BIDV’s foreign currency bank deposits rating at B2/Not Prime.At the same time, Moody’s has upgraded the baseline credit assessment (BCA) and adjusted BCA of BIDV to B3 from CAA1.Moody’s has also affirmed BIDV’s counterparty risk assessment (CR Assessment) at B1(cr)/Not Prime(cr).The outlook on BIDV’s B1 local currency bank deposits and local and foreign currency issuer ratings remains positive, in line with the positive outlook on Viet Nam’s sovereign rating. The outlook on the bank’s foreign currency bank deposits rating remains stable, because the rating is constrained by the B2 foreign currency deposit ceiling for Viet Nam.The affirmation of BIDV’s … [Read more...] about Moody’s affirms ratings of BIDV, Maritime Bank
BIDV MetLife makes debut
BIDV MetLife makes debutThuy Dung By Thuy Dung - The Saigon Times Daily HANOI – BIDV MetLife Life Insurance Limited Liability Company made its first public appearance in Hanoi on November 3 as a joint venture between MetLife Limited and the Bank for Investment and Development of Vietnam (BIDV). The venture has initial chartered capital of VND1 trillion (US$48 million) with 60% contributed by MetLife and the rest by BIDV and its affiliate Bank for Investment and Development of Vietnam Insurance Joint Stock Corporation (BIC). Products of BIDV MetLife will be distributed via BIDV’s transaction offices nationwide. Customers in Vietnam can buy MetLife’s life insurance products, including those for diseases and accidents at BIDV’s 90 transaction offices in Hanoi in the initial time and other localities later, said Christopher Townsend, chairman of MetLife in Asia, at a launch ceremony on November 3. He added Vietnam is a key market in MetLife’s development … [Read more...] about BIDV MetLife makes debut
BIDV wants to list stock this year
BIDV wants to list stock this yearHong Phuc By Hong Phuc - The Saigon Times Daily HCMC – Bank for Investment and Development of Vietnam, or BIDV, during its annual general meeting last Friday said it would list on the local stock market within this year as the market has been better than in the previous year. Speaking at the meeting, BIDV chairman Tran Bac Ha said that the bank has plans offer shares to strategic shareholders after listing. Ha also offered an apology for previous listing postponements. “We are sorry for official or unofficial announcements about the listing plan in the local media earlier,” Ha said. Last year, BIDV’s listing plan was considered amid the poor performance of the economy and stock market, prompting both BIDV and the Government to carefully weigh this plan. However, if the market is better this year, the bank will certainly carry out this plan, Ha explained. BIDV leaders during the meeting also agreed in principle to list on the … [Read more...] about BIDV wants to list stock this year
BIDV MetLife launches education insurance product
BIDV MetLife launches education insurance productThuy Dung By Thuy Dung - The Saigon Times Daily HANOI – BIDV MetLife Life Insurance Limited Liability Company, a joint venture between the Bank for Investment and Development of Vietnam (BIDV) and MetLife Limited, has introduced an education care insurance product. Dustin Ball, general director of BIDV MetLife, told a press briefing in Hanoi yesterday that Vietnam’s education sector had attracted domestic and foreign investments with many more schools being built. However, the country has seen education costs increasing year after year. Tuition fees at primary and secondary schools have jumped 20% a year and tuition fees at colleges and universities have also edged up. Therefore, with the new Educare product, BIDV MetLife hopes to support parents to ensure education for their children even if they encounter risks and accidents. … [Read more...] about BIDV MetLife launches education insurance product