Hanoi, 18 April 2017 - The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Korea Development Bank (KDB) signed a comprehensive cooperation agreement.

​The agreement between BIDV and KDB recognizes the desire of the two parties in improving the relationship comprehensively and effectively, laying foundations for realizing the opportunities for cooperation, and promoting business activities in areas where the two sides have strengths, such as: corporate financing; short-term and medium and long-term bilateral lending; international payments and trade finance; business matching and serving Korean customers in Vietnam to bring benefits to businesses and people of the two countries, as well as contributing to the long-term development of both banks.

Speaking at the signing ceremony, Mr. Phan Duc Tu, Chief Executive Officer of BIDV, emphasized the similarity of BIDV and KDB in terms of history and operation, especially in serving key national projects and enterprises of the two countries, considering this a solid foundation for the two sides to promote close and comprehensive partnership. BIDV expressed confidence that the agreement will be implemented practically and effectively.

Mr. Lee Dong Geol, Chairman and Chief Executive Officer of KDB, expressed his thanks for BIDV's cooperation plan with KDB in various fields, and expressed the desire that both sides will actively look for new business opportunities such as financing future technology, or derivative transactions in the capital markets.

Earlier in 17 April 2017, Vietnamese Prime Minister Nguyen Xuan Phuc met with Mr. Lee Dong Geol, Chairman and CEO of KDB. The PM highly appreciated KDB's activities in Vietnam for its successful projects and the cooperation between KDB and BIDV. The Prime Minister expressed his hope that KDB will continue to cooperate and do business successfully in Vietnam, and provide substantial capital to Korean businesses in Vietnam. KDB's Chairman and CEO praised Vietnam's economic prospects and said that KDB will endeavor to expand investment and cooperation with its Vietnamese partners including BIDV.

2017 marks the 25th anniversary of the diplomatic relations between Vietnam and Korea (1992 - 2017). The cooperation relations between the two countries have improved over the years, from bilateral to comprehensive partnership (2001) and strategic partnership (2009). The two sides signed Vietnam-Korea Free Trade Agreement (VKFTA) in May 2015 (which took effect in December 2015). As of end-2016, Korea is the country with the largest capital invested in Vietnam reaching about USD50 billion. Korea is also Vietnam’s third largest trade partner, ranks second in terms of ODA supply and Vietnam's second largest market for laborer export.

As the leading banks of Vietnam and Korea, the signing of the agreement between BIDV and KDB is a significant event to celebrate the 25 years of relations between Vietnam and Korea, marking the development of cooperation between the two countries in the field of finance and banking, opening a new page of cooperation between the two banks in particular and the banking systems of the two countries in general.

About BIDV

Established in 1957, BIDV is Vietnam's largest commercial bank with total assets of more than VND1 quadrillion (USD45.5 billion) as of 31 December 2016. BIDV’s operations cover banking, insurance, securities, investment. BIDV has a network of more than 1,000 branches and transaction offices and commercial presences and representative offices in foreign countries.

About KDB         

Established in 1954, KDB is both a commercial bank and development and investment bank, wholly owned by the Korean government. The bank plays an important role in supplying long-term capital for Korea's strategic industries, particularly high-tech areas. According to Banker’s Almanac, as of 31 December 2015, KDB was South Korea's No. 1 bank and ranked 94th globally in terms of total assets (USD262.37 billion) with owners’ equity of USD28.75 billion, covering a network of 82 branches in South Korea and 22 presences overseas.

For more information, please contact:

Branding and Public Relations

Bank for Investment and Development of Vietnam JSC (BIDV)

Tel: 04 2220 5356

Fax: 04 22225316