Dear valued customers, shareholders, and partners,

The year 2024 held special significance for BIDV, marking a pivotal period in which the entire system “accelerated and made breakthroughs” to successfully achieve the goals of the 2021–2025 five-year business strategy. Despite challenges in both domestic and international business environments, the bank - thanks to the unity, determination, and tireless efforts of the entire workforce, along with the steadfast support of customers, partners, and shareholders - comprehensively fulfilled the business targets assigned by the General Meeting of Shareholders and the State Bank of Vietnam. This accomplishment reaffirmed BIDV’s role as a key and responsible bank to the national economy, effectively implementing monetary policy and driving the country’s economic growth.

Persistent to make breakthroughs

By the end of 2024, BIDV’s total assets exceeded VND2.7 quadrillion, maintaining the position as the largest joint stock commercial bank in Vietnam; capital mobilized from institutional and individual customers reached VND2.14 quadrillion, increasing by 13.1% and accounting for 14.3% of the sector’s total deposit market share; total outstanding credit reached VND2.02 quadrillion, with a growth rate of 15.5%, continuing to lead the market with a credit market share of 13.1%; the credit portfolio shifted toward sustainability with a strong focus on retail lending and lending to foreign-invested enterprises, in which retail loans grew by 24.9% and FDI loans increased by 30.9%; credit quality remained under control, with the non-performing loan (NPL) ratio at 1.27%. Business performance improved significantly compared to the same period last year, meeting and exceeding the 2024 plan: (i) Consolidated net profit before provisions reached VND53,094 billion, and consolidated profit before tax reached VND31,985 billion, increasing by 15.9% and exceeding the target assigned by the General Meeting of Shareholders; (ii) Financial capacity was strengthened, with charter capital reaching VND68,975 billion. After 10 years of listing on the stock market, BIDV’s market capitalization ranked among the top in the market, exceeding USD10 billion; (iii) Profitability indicators improved significantly year on year, with ROA reaching 1.01% and ROE reaching 19.52%; (iv) Credit risk provisions were fully made in accordance with regulations, the bad debt coverage ratio for the commercial banking business reached 133%. All prudential ratios were maintained in line with regulatory requirements and best practices. BIDV also remained one of the largest taxpayers with total contributions to the State budget in 2024 reaching VND9,300 billion.

In 2024, with strong determination and commitment, BIDV took decisive actions to increase the charter capital and equity in order to enhance financial capacity and move toward meeting prudential ratios and international best practices. Charter capital rose from VND57,004 billion to VND68,975 billion. This foundation will enable BIDV to further diversify the shareholding structure, allocate additional resources to key business areas, strengthen the competitive advantages and long-term development.

Streamlining processes, transforming operations

2024 marked a significant step forward for BIDV in streamlining its organizational structure, optimizing operational efficiency, and comprehensively transforming core banking operations to enhance labor productivity and strengthen long-term competitiveness. (i) Streamlining processes, reforming administrative procedures, and optimizing governance and operations: BIDV consolidated its governance model, officially implementing the Credit Target Operating Model (CTOM), and specialized credit operations by sector, establishing teams of experts and dedicated credit approval directors to improve credit appraisal quality and optimize the credit portfolio. The bank restructured its branch and transaction office network, modernizing transaction spaces, and promoting the digital banking model to enhance customer experience. Operations were significantly improved with the simplification of nearly 180 processes, particularly in the areas of credit, finance, and asset management. At the same time, BIDV implemented cost control measures and optimized its asset-liability structure to improve financial efficiency and ensure operational safety; (ii) Maintaining market leadership and moving toward a modern, advanced retail banking model: With 22 million individual customers, BIDV provided a diverse portfolio of financial products catering to both everyday banking needs and in-depth wealth management services for high-net-worth individuals. By the end of 2024, deposits from individual customers surpassed VND1 quadrillion, affirming customer trust which has established a solid foundation for long-term growth. BIDV continued to improve service quality by deploying a customer relationship management (CRM) system to personalize customer journeys, optimize cross-selling, and maximize the potential of the existing client base. The bank also upgraded its transaction systems and private banking experience, reinforcing its “Top of mind” position in the retail banking market; (iii) Optimizing the credit portfolio and expanding strategic partnerships in corporate banking: With a strong base of 500,000 corporate clients, BIDV continued to lead the corporate banking segment and has served as a key banking partner for small and medium-sized enterprises. Leveraging this client base, BIDV proactively optimized its credit portfolio, allocating capital to financially sound enterprises to improve capital efficiency and enhance risk management. BIDV also recorded strong growth in the FDI customer segment through expanded cooperation with foreign financial institutions, making full use of foreign currency resources and the international relationship network.

Improving institutional frameworks, enhancing risk management capacity, and making breakthroughs in technology development and digital transformation.

BIDV continued to improve its institutional framework and promptly update mechanisms and policies in line with new legal regulations to enhance policy responsiveness, remove bottlenecks, and optimize resources to drive business development: (i) The bank consistently enhanced management and governance capacity in a more professional and modern direction, meeting the demands of development and competition amid the Fourth Industrial Revolution and the growing application of artificial intelligence in the financial and banking sector; (ii) Risk management was further strengthened through the implementation of an early credit risk warning program, enabling timely detection and mitigation of potential losses. BIDV continued to deploy tools for managing operational and market risks, proactively advancing the roadmap to apply Basel III, the Foundation Internal Ratings-Based (FIRB) approach, and International Financial Reporting Standard 9 (IFRS 9), aiming to modernize the risk management system in line with international standards; (iii) Breakthroughs in technology development and comprehensive digital banking transformation: BIDV accelerated investment in and adoption of modern technologies to improve operational efficiency and optimize customer experience. The bank deployed advanced digital platforms, integrated data systems, and applied AI analytics across business operations, while also upgrading cybersecurity and IT infrastructure to meet international standards. The core banking system was optimized with 165 newly developed in-house features; a retail credit loan origination system was implemented; BIDV Open API was upgraded; the iBank2 project was launched; and services such as SmartBanking and Apple Pay were enhanced.

Pioneering the advancement of sustainable development.

BIDV continued to affirm its pioneering role in sustainable development and in realizing the Environmental – Social – Governance (ESG) commitments through a comprehensive strategy and concrete actions, focusing on three main pillars: (i) Strengthening the strategic foundation for sustainable development: BIDV consolidated its Steering Committee and Management Unit for sustainability, and actively implemented the consultation project on Sustainable Development Strategy and ESG practices, thereby laying a solid foundation for long-term initiatives. The bank partnered with the Asian Development Bank (ADB) to assess the outcomes of its green banking project, issued a Sustainable Bond Framework, and signed a Climate Credit Facility Agreement with the French Development Agency (AFD); (ii) Leading the market with a green financial ecosystem, driving a sustainable economy: BIDV mobilized VND5,000 billion in green deposits and issued VND3,000 billion in sustainable bonds, attracting investment capital for sustainable development projects; implemented sustainability-linked loans that encourage businesses to comply with ESG standards, with VND10,000 billion allocated to green buildings, contributing to reduce environmental impact; provided green credit to nearly 2,000 projects with total outstanding loans exceeding VND80,870 billion - the largest in the market; (iii) Pioneering sustainable finance and actively promoting awareness of green finance: BIDV not only serves as a source of inspiration but also raises community awareness through meaningful corporate social responsibility activities such as the “BIDVRUN – For a Green Life”, “Warm Tet for the Poor,” “Fresh Water for a Green Life” initiative, the construction of flood-resilient community cultural houses, and disaster relief programs. Notably, BIDV successfully organized the “Green Bank – For a Green Life” contest, contributing to the advancement of the green banking movement across the entire banking sector.

These achievements of BIDV are the result of the collective efforts of 29,000 employees who worked tirelessly day and night throughout 365 days, from commercial banking business to subsidiaries and international presences. In 2024, BIDV continued to earn high praise from organizations and communities, receiving numerous prestigious awards, including: the “National Brand” for the 8th time; “Top 1,000 largest public companies in the world”; “Top 10 largest banks in Southeast Asia”; “Top 50 best listed companies in Vietnam 2024”; “Top 10 most valuable Vietnamese brands in 2024”; “Top 10 strongest brands in Vietnam 2024”; “Best corporate bank in Southeast Asia”; “Best SME bank in Southeast Asia”; “Best retail bank in Vietnam” for 10 consecutive years; “Best digital bank in Vietnam”; and “Best places to work in Asia 2024”, among others.

Responsibility, streamlining, efficiency, accelerating transformation

The year 2025 is of special significance for the country as it marks the time for completing the objectives and targets set out in the 2021–2025 socio-economic development plan, while also ushering in a new era - an era of national rise. For BIDV, 2025 represents a breakthrough milestone in successfully delivering its 2021–2025 business development strategy, while also laying the foundations for new development for the 2026–2030 strategic phase.

With the action motto “Responsibility - Streamlining - Efficiency - Accelerating Transformation,” BIDV is set to pursue the model of a “Large - Strong - Green” bank. Accordingly, the entire system will focus on the following priorities: (i) Strengthening both individual and collective responsibility in performing assigned duties, ensuring effective and consistent implementation across the system; (ii) Streamlining the organization from management structure and operational network to internal processes to optimize operational performance, efficiency, and effectiveness; (iii) Accelerating transformation across all areas of operations, including restructuring the credit model, modernizing retail and corporate banking operations in line with emerging trends, and advancing digital transformation; (iv) Enhancing governance and risk management, while shifting the income structure toward increasing the proportion of non-interest income; (v) Implementing capital increase plans to strengthen financial capacity, support business growth, and ensure the successful achievement of the strategic goals.

On behalf of the Board of Directors of BIDV, I would like to extend my sincere thanks to the Leadership team and 29,000 employees who are wholeheartedly contributing to BIDV’s development. In particular, I would like to express my appreciation to our valued customers, investors, and partners for your continued trust and support over the years. We look forward to further cooperation and partnership in the coming time as we work together to create sustainable values and move toward a prosperous and thriving future.

Wishing you continued growth and success!

Yours sincerely,

ON BEHALF OF THE BOARD

CHAIRMAN

Phan Duc Tu