RELEASED DATE 24 Jun 2021
This is the first time a Vietnamese bank has received a regional award for SME banking.
To achieve the leading position, BIDV has always placed customer in the center, using technology as a breakthrough, and providing comprehensive and government-oriented solutions to meet the needs of customers. Since Covid-19 pandemic has left great impacts on all aspects of socioeconomics, BIDV has consistently supported the SME community and constantly innovated and improved itself towards a dynamic and sustainable development for SMEs community. With great efforts, BIDV's SME banking has achieved many outstanding results. Total outstanding loans of the SME banking reached more than VND270 trillion, an increase of nearly 20% over the same period in 2020.
Promoting digital transformation, BIDV iBank – the bank’s digital banking service – has been used by 56,600 SME customers. BIDV has also offered cashless payments to almost 1,500 SMEs, with solutions like SmartPOS, QRCode and Smart Medical Card payment to 29 hospitals nationwide... In addition, BIDV has been working on a program named "SME Digitrans - Digital Transformation with SMEs", which serves to create a drastic change in the application of modern technology in financial and accounting management for SMEs. This program is funded and offered technical assistance by the Asian Development Bank (ADB).
Due to the impacts of the Covid-19 pandemic, immediate actions have been carried out by the bank which have done its SMEs customers a good turn during the difficult time, which included: lending interest exemption, repayment period restructuring, debt group transitioning-delay, short-term credit packages of up to 150,000 billion VND offering preferential lending interest rates. Especially, BIDV has intently provided preferential financial and non-financial solutions, together with specialized business consulting programs from leading financial experts, for women-owned SMEs. The bank's constant efforts have helped SMEs recover production, business and improve operational efficiency.
GBAF stated: “BIDV, a leading bank in Vietnam, has demonstrated a strong commitment to supporting the development and growth of SMEs in the region. Over the years the bank has promoted green and sustainable credit, implemented a number of progammes to provide easy access to loans that offer competitive rates, expanded their offerings, and invested in technology to expand their digital banking”.
According to Wanda Rich – Editor, Global Banking and Finance Review – BIDV’a success in this award is based on the values that it has attributed to the sustainable development of the SME community and its business performance in relation to other Southeast Asia banks. “We look forward to seeing further growth and industry-leading solutions from Bank for Investment and Development of Vietnam JSC (BIDV) in the years to come” - said Wanda Rich.
Global Banking & Finance Review is a leading British online and print magazine, which has evolved from the growing need to have a more balanced view for informative and independent news for the global banking and finance industry. The Global Banking & Finance Awards® are voted by economic experts, major financial institutions and central banks of 190 participating countries.