Ho Chi Minh City, 16 October 2015 - In the framework of the 3rd Vietnam Logistics Forum themed “Solutions to improve infrastructure, facilitate trade and improve the quality of logistics service for import and export business”, the Bank for Investment and Development of Vietnam JSC (BIDV) and Vietnam Logistics Association (VLA) signed a Memorandum of Understanding on Comprehensive Cooperation for the 2015-2020 period. Mr. Le Trung Thanh – Senior Executive Vice President of BIDV and Mr. Do Xuan Quang - Chairman of VLA signed the MoU.

 

​As stated in the MoU, BIDV and VLA will cooperate in all areas relevant to the functions, responsibilities and capabilities of the two sides, focusing on some key content. These include: (i) BIDV’s products and services such as credit, banking products and services (account service, deposits, securities services, bond issuance, payment services, insurance services, retail products and other banking services); (ii) Logistics: VLA will coordinate with BIDV to offer preferential policies to clients introduced by BIDV in using the logistics service of the VLA members and also VLA will introduce its members to BIDV; (iii) Communications and brand development: The two sides will coordinate to update and exchange information between Vietnam’s logistics business communities and BIDV.

Mr. Le Trung Thanh, Senior Executive Vice President of BIDV, said: “Vietnam's logistics industry has faced many challenges in human resources, training, technology, governance and in particular poor infrastructure due to limited investment capital. Therefore, bank credit plays a significant role in supporting the production and business activities of the enterprises, contributing to concentrated production and investment capital to help businesses improve the efficiency of capital, thereby enhancing the competitiveness of the logistics businesses”.

As the leading commercial bank in funding important economic sectors including logistics, BIDV aims  to meet the capital needs of businesses in this sector. In recent years, in addition to providing working capital for logistics businesses, BIDV has provided medium and long-term financing for many investment projects, including transport vehicles, warehouses, and seaports, as well as contributing to the expansion and upgrading of logistics infrastructure. These have included large-scale projects such as the container terminal construction projects of Tan Cang Quy Nhon Company, Gemadept Dung Quat International Port of Gemadept Dung Quat Company, Tam Hiep seaport project in Quang Nam of Chu Lai Truong Hai port company and the aircraft procurement project of VietJetAir.

Along with financing logistics businesses, BIDV also supported the provision of products and services to the import and export industry. BIDV is one of the few banks in Vietnam to provide a full range of trade financing products and end-to-end packages tailored to customer needs. BIDV is experienced in handling import transactions of large value with complex delivery conditions, including contract consultancy, payment method advisory, credit for export and import payments and guarantees related to forex contracts in accordance with standards and professionalism.

BIDV strives to constantly improve its banking products and services. In an effort to provide all-in-one packages to customers, BIDV offers diversified products and services, ranging from retail banking products to securities services such as issuance advisory, listing consultancy and book-running.

About BIDV

BIDV (HOSE: BID), established in 1957, is the leading financial institution in Vietnam. The bank boasts subsidiaries in finance, banking, securities and insurance with network throughout the country, establishing relationships with over 170 international financial institutions. The bank has expanded its business to the international market, with investment in Laos, Cambodia, Myanmar, the Czech Republic, and more. In 2015, BIDV received many awards and accolades including Best Retail Bank in Vietnam by The Asian Banker; Best Domestic Provider of FX Services and Best Domestic Provider of FX Research and Market Coverage in Vietnam by Asiamoney magazine, Vietnam Domestic Technology and Operations Bank of the Year by Asian Banking & Finance, to name a few.

About VLA

VLA is a social-professional organization of organizations, enterprises and Vietnamese citizens operating in logistics industry in accordance with Law on Commerce. The Association aims to connect, cooperate, support and assist members in developing the logistics, enhance operational performance and protect lawful rights of its members, strengthen integration with regional and global logistics businesses.

For more information, please contact:

SME Banking Department

Bank for Investment and Development of Vietnam JSC

Tel: +84-422205544; Hotline: 19009247  

Website: www.bidv.com.vn