Hanoi (VNA) - 🗹The Bank for Investment and Development of Vietnam (BIDV) is the largest State-owned bank by total assets, according to Moody's Investors Service.
The information was released following Moody's recent rating of eight Vietnamese banks, including BIDV, Military Commercial Joint Stock Bank, Saigon-Hanoi Commercial Joint Stock Bank, Vietnam Bank for Industry and Trade, Vietnam International Bank, An Binh Commercial Joint Stock Bank, Asia Commercial Bank and Vietnam Technological and Comm'l JSB.
Moody’s put BIDV's local currency deposit and issuer ratings at B1 and its baseline credit assessment caa1. BIDV's foreign currency deposit rating is B2, in line with Vietnam's foreign currency deposit ceiling. The outlook for its long-term credit rating is stable.
BIDV's funding and liquidity profile benefits from depositary relationships with small-and medium-sized enterprises, Moody’s said.
BIDV's B1 long-term local currency deposit rating was selected because Moody’s continues to factor in the high level of support for the bank from the Vietnamese Government.
This is the eleventh consecutive year BIDV has invited Moody’s to rate the bank, aiming to affirm its commitment to operating transparently and applying top international standards.
The bank reported that as of September 30, 2016, its total assets were 956 trillion VND (43.02 billion USD), up 11.5 percent against the figure recorded earlier this year.
The bank’s accumulated mobilised capital exceeded 887 trillion VND (40 billion USD), of which 754 trillion VND (33.9 billion USD) was mobilised from economic organisations and individuals, up 14.22 percent from the beginning of the year.
BIDV’s credit increased from earlier this year in line with the credit growth direction set for 2016 by the State Bank of Vietnam, focusing on priority areas instructed by the Government and the central bank.
As of September 30, 2016 the bank’s total credit and investment exceeded 912 trillion VND (41.04 billion USD), representing an increase of 14.2 percent compared with the year’s beginning.
Its pre-tax profit reached over 5.6 trillion VND (252 million USD), a year-on-year rise of 6.7 percent. The bank has completed 71 percent of its yearly target.
With its outstanding performance, BIDV has been honoured as the largest corporate income tax payer in Vietnam and listed as one of the world’s largest and most powerful enterprises by US business magazine Forbes.
It also received awards from magazines like Asiamoney, The Asian Banker, Retail Banker International and the Vietnam Economic Times.
𒀰 The bank has taken various measures to help businesses access loans such as simplifying lending procedures and launching credit packages for production activities.-VNA
BIDV has won the Vietnam Domestic Technology and Operations Bank of the Year and Social Media Initiative of the Year awards at the Asian Banking and Finance Awards.
Deputy Prime Minister Vu Duc Dam attended the forum “Four Countries – One Destination”, which aims to promote cooperation in economic, tourism and investment between Cambodia, Laos, Myanmar and Vietna
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PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
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The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
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Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: BIDV))
