On 30 January 2024, in Hanoi, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) organized the 2024 Extraordinary General Meeting of Shareholders (AGM). The Meeting was organized under Resolution No. 1148/NQ-BIDV dated 6 December 2023. The Meeting’s attendants included 96 shareholders, representing more than 5.5 billion voting shares, accounting for more than 96.7% of total voting shares.

The Meeting reviewed and adopted the following important issues: (i) Proposal for approval of BIDV restructuring plan for the 2021-2025 period; (ii) Proposal for adjustment of timeline for offering additional shares in the Charter Capital Raising Plan 2023; (iii) Proposal for additional election of BIDV’s BOD member and SB member for the 2022-2027 term.

BIDV’s Extraordinary General Meeting of Shareholders 2024

At the Meeting, BIDV shareholders adopted the Proposal for approval of BIDV restructuring plan for the 2021-2025 period with some of the following directions: Restructuring view for the 2021-2025 period, vision to 2030, priority goals for the 2021-2025 period, business plan orientation to 2025 of the commercial bank, and main solution groups.

BIDV shareholders also adopted the Proposal for adjustment of the timeline for offering additional shares in the Charter Capital Raising Plan 2023. Accordingly, additional shares will be offered in 2024; the specific timing will be decided by the Board of Directors after approval by the competent authority. Other contents of the Charter Capital Raising Plan 2023 continue to be implemented following the approval of the 2023 Annual General Meeting of Shareholders in Resolution No. 393/2023/NQ-DHDCD dated 28 April 2023.

At the Meeting, BIDV shareholders also voted for additional elections of:

- Mr. Quach Hung Hiep to become a member of BIDV’s Board of Directors for the 2022-2027 term;

- Ms. Ta Thi Hanh to become a member of BIDV’s Supervisory Board for the 2022-2027 term;

- Mr. Nguyen Trung Kien to become a member of BIDV’s Supervisory Board for the 2022-2027 term.

At the 10th meeting of the Supervisory Board for the term 2022-2027, the Supervisory Board agreed to elect Ms. Ta Thi Hanh as Head of the Supervisory Board for the 2022-2027 term.

The Meeting’s Chairing Committee congratulated the newly elected members of the Board of Directors and Supervisory Board for the 2022-2027 term.

* BIDV business performance in 2023:

By the end of 31 December 2023, BIDV met all business targets assigned by the State Bank of Vietnam and the General Meeting of Shareholders, as follows:

- Total assets reached VND 2.3 quadrillion; maintaining BIDV’s position as the largest joint stock commercial bank in Vietnam in terms of total assets.

- Deposits reached VND 1.89 quadrillion, an increase of 16.5%.

- Credit balance reached VND 1.75 quadrillion, an increase of 16.66%, within the room assigned by the State Bank of Vietnam.

- NPL ratio was controlled at 1.1% (following Circular 11/2021/TT-NHNN).

- VND 5,900 billion was used to support businesses and people by reducing interest rates and waiving fees.

- Credit provision was fully made according to regulations. Bad debt coverage ratio (credit provision balance/bad debt balance) was 192%.

- Profit before tax of the commercial bank reached VND 26,765 billion; Consolidated profit before tax reached above VND 27,650 billion.

- Preserved and expanded State capital at BIDV; was one of the largest contributors to the State Budget with more than VND 6,200 billion of corporate income tax, ensured shareholder benefits and employees income.

- Stock value increased by 26.4%; market cap reached USD 10.5 billion, earning the second rank in the market.

- The subsidiaries and joint ventures also achieved encouraging business performance. Profit before tax of subsidiaries and joint ventures reached VND 1,290 billion and 945 billion, respectively.

Capturing the Government’s policies and SBV’s executive directions, BIDV will make its best efforts to complete the business plan 2024 with the following main targets: Operating credit balance is within the credit limit assigned by the SBV, expected to increase by 14%; Operating deposit is in line with capital utilization, ensuring safety, liquidity, and efficiency; NPL ratio is controlled at ≤1.4% following Circular 11...