At Vietnam Logistics Forum 2024, with the presence of Prime Minister Pham Minh Chinh and over 500 delegates, the Bank for Investment and Development of Vietnam JSC (BIDV) signed a memorandum of understanding on cooperation with the Import-Export Department under the Ministry of Industry and Trade.

BIDV and the Import-Export Department aim to support import-export businesses and logistics companies (including ports, warehouses, and shipping lines) in accessing banking and financial products and services, thereby fostering business operation and sustainable growth.

Mr. Tran Long, BIDV's Senior Executive Vice President, and Mr. Nguyen Anh Son, Director of the  Import-Export Department, exchanged the MoU

As the largest bank in Vietnam in terms of total assets and business customer base, with a leading market share in import-export, BIDV has served more than 12,000 import-export businesses and has provided financing for port projects totaling over VND13,000 billion (USD520 million). BIDV has implemented various solutions to support the operations of logistics and import-export companies. During the forum, BIDV also emphasized that the application of new technologies would address key challenges in the logistics industry and help create a digital financial ecosystem within the free trade zone.

In particular, BIDV has applied developing port financial technology through its BIDV Open API connection. BIDV’s services, including collections, payments, guarantees, credit, and trade finance, are integrated into the Vietnam SmartHub Logistics (VSL) port platform and other digital port software and applications from SmartHub Logistics Technology (SLT). This integration allows customers at ports, import-export businesses, and logistics service providers to easily access BIDV’s banking services, support for the digitalization of financial management and operational efficiency optimization.

At the same time, BIDV has implemented numerous financial solutions for import-export companies, including cooperation agreements with leading warehouse management companies in Vietnam to manage import shipments as collateral and partnerships with FPT IS to connect all parties within the ecosystem supporting import-export businesses on digital channels. This comprehensive service allows businesses to access trade finance, transportation, customs, insurance, warehousing, and more, all through a single platform, significantly reducing paperwork and accelerating financial access.

Recently, BIDV has also actively collaborated with regulatory agencies to develop the logistics and import export sectors through initiatives such as supporting the establishment of Vietnam's national ports, providing flexible trade finance solutions for import-export businesses, promoting financial incentives for the port and logistics sector, advancing green transition solutions, and financing and working with technology partners to build appealing digital infrastructure for the Free Trade Zone.

To contribute to the sustainable development of the logistics sector, BIDV has introduced a Green Credit package worth VND2,000 billion (USD80 million) to finance new or expanded investments in Green Ports, as well as converting traditional ports into Green Ports, with the total investment in Green Port infrastructure making up over 50 percent of the entire project’s investment. BIDV is also the first Vietnamese bank to launch the Sustainability Linked Loan (SLL) product to support import-export businesses in their ESG practices, towards Vietnam’s Net Zero commitment by 2050.