On 3 August in Hanoi, BIDV and the Vietnam Association of Small and Medium Enterprises (VINASME) signed a cooperation agreement for the development of small and medium enterprises.

 

​The two parties pledged to cooperate closely in providing solutions for SME development. BIDV committed to providing the best banking products and services for members of VINASME; coordinating with VINASME in developing projects related to SME development according to the government’s Directive 26 dated 6 June 2017; and coordinating to organise consultation and training activities to improve the capacity of enterprises, towards building a strong and transparent SME community.

Addressing the signing ceremony, Mr. Phan Duc Tu, chief executive officer of BIDV, said: “As a leading financial institution in Vietnam, BIDV has in recent years reserved much of its resources for the SME segment, simplifying procedures to facilitate SMEs to get smoother access to bank capital, supporting them on financial solutions as well launching preferential credit packages for start-ups, micro-businesses and SMEs.”

“The signing of the cooperation agreement today is an important landmark of BIDV in the process of realising the goal of continuous innovation and accompanying SMEs”, Mr. Phan Duc Tu emphasised. “BIDV expects the bilateral cooperation between BIDV and VINASME will continue to promote and contribute to the formation of a community of 1 million enterprises by 2020 according to the government’s Resolution 35, contributing to building a modern, dynamic and sustainable economy in Vietnam,” Mr. Tu added.

Mr. Nguyen Van Than, VINASME president, stated his belief that this cooperation would lay the foundations for more effective exploitation of the strengths of each party on the principle of equality, voluntariness and mutual benefit, thereby better meeting the demand for capital as well as providing consulting services for SMEs and contributing to the economic stability and development of the country.

On the same day, BIDV launched a credit package of VND10 trillion at preferential interest rates for members of VINASME and SMEs introduced by the association who meet the loan conditions in accordance with the law and BIDV’s regulations.

As of 30 June 2017, BIDV’s total assets reached over VND1.1 quadrillion (USD49 billion). The bank has more than 200,000 SMEs with outstanding loans of VND200 trillion (USD8.9 billion), accounting for 23 percent of BIDV's outstanding loans and about 16 percent of the economy’s total outstanding loans.