Hanoi, 30 March 2016 – The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietnam Posts and Telecommunications Group (VNPT) signed a comprehensive cooperation agreement for the period 2016 -2020.

​Under the agreement, BIDV and VNPT were committed to cooperate closely in all areas relevant to the functions, responsibilities and capabilities of the two sides. BIDV is committed to being the focal point to arrange capital as well as financing projects of VNPT and its member companies with a total value of up to VND25,000 billion. In addition, the bank pledged to provide the best modern banking and financial products and services to VNPT at competitive rates, enabling the telecom group to take advantage of economic benefits from its production and business activities.

BIDV said it would give priority to using telecom services and technology provided by VNPT for its corporate governance and sustainable development. The two parties agreed to take advantage of the network and brand of each other to develop new products and utilities as well as improving business efficiency.

Given these commitments and strategic orientation, VNPT and its affiliates and subsidiaries will increase the use of credit and non-credit products and other services provided by BIDV such as insurance, financial restructuring, bond issuance consultancy, cash flow management, and development of co-branded products at transaction points of each party in order to promote, strengthen the traditional partnership, strategies and improve business efficiency of both sides.

Addressing the signing ceremony, Mr. Phan Duc Tu, CEO of BIDV, said: “VNPT is a strategic, important and long-term partner of BIDV. BIDV committed to allocate resources and take advantages of network, technology, human resources and quality banking services to best implement the cooperation”.

The signing of the agreement marked a milestone in the strategic partnership between BIDV and VNPT, confirming the bank’s long-term commitment to accompanying VNPT in particular and the telecommunications industry in Vietnam in general, while affirming the VNPT’s role to BIDV’s sustainable growth.

For more information, please contact:

Bank for Investment and Development of Vietnam JSC (BIDV)

Branding and Public Relations

Tel: 04. 22205544; Fax: 04. 22200399