On 29 November 2019, the Governor of the State Bank of Vietnam (SBV) issued Decision No. 2505/QD-NHNN approving the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to implement Circular No.41/2016/TT-NHNN since 1 December 2019, before the effective date of Cicurlar 41.

As one of 10 selected commercial banks by SBV, for piloting the Basel II implementation, BIDV demonstrated strong determination to implement Basel standards. Since 2015, BIDV has engaged consultants to implementing the gap analysis and develop Basel Implementation Roadmap. During the period of 2015 to 2019, BIDV has simultaneously conducted various projects in order to comply with Basel standards, relating to the following issues:

(i) Risk management organization structure under Basel standards;

(ii) Data governance and data warehouse system;

(iii) Methodology of management of material risks;

(iv) Measurement and management of material risks;

(v) Enhancing audit capability under Basel standards.

On 6 November 2019, upon approval by the Governments and competent authorities of Vietnam and South Korea, KEB Hana Bank has officially become a foreign strategic shareholder of BIDV. The deal marks a historic milestone in BIDV’s operations, making the Vietnamese lender become the one with the highest charter capital in Vietnam’s banking system. BIDV has met the capital adequacy ratio requirements and other Basel standards and been recognized by the SBV to apply the Circular 41 starting 1 December 2019.

Recognized by the SBV to apply the Basel II standards before the deadline, BIDV continues to affirm it is one of the leading banks in Vietnam by total assets, charter capital and risk management according to international practice. This lays solid foundations for the bank to further integrate, develop and meet the requirements of an internationally standardized modern bank.

For further information please contact:

Branding and Communication Department

Bank for Investment and Development of Vietnam JSC

Tel: (+84)24. 22205256 - Fax: (+84)24. 22200399

Website: www.bidv.com.vn