Despite various difficulties and challenges and market fluctuations in 2023, with the efforts, determination, and solidarity of the entire system, BIDV still ensured safe and smooth operations; successfully achieved the set targets in terms of scale, structure, quality, efficiency and institutional development, preserved and expanded State capital, properly contributed to the State Budget, and protected the benefits of shareholders and employees. In addition, BIDV also promoted its role as a large state-owned commercial bank, proactively and decisively implementing solutions to support businesses, society, and the community...

These encouraging achievements were announced by BIDV at the Conference to prepare business plan for 2024. The Conference was attended and directed by Mr. Pham Thanh Ha - Deputy Governor of the State Bank of Vietnam; Mr. Bui Quoc Dung - Deputy Auditor General and leaders of Central Ministries, Departments, Departments under State Bank of Vietnam and top management of BIDV.

Overview of the Conference on implementation of BIDV’s 2024 business plan

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 2.26 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 26,750 billion; Consolidated profit before tax reached above VND 27,400 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, and ensured shareholder benefits and employee 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.

BOD Chairman Phan Duc Tu gave a speech at the Conference

Regarding the 2023 business performance, BIDV Chairman Phan Duc Tu stated:

With the action motto “Discipline - Efficiency - Operational Transformation”, BIDV thoroughly captured and well implemented the guidelines and policies of the Party, State and Government and directions of the State Bank of Vietnam; upheld determination and best efforts to successfully achieve the set goals. That result made great contribution to the development of the banking industry and the national socio-economy.

Deputy Governor Pham Thanh Ha gave a directive speech at the Conference

Recognizing BIDV’s efforts and achievements in 2023, Deputy Governor Pham Thanh Ha also affirmed that BIDV has contributed, along with the entire banking industry, to the successful implementation of monetary policy, helping the economy overcome difficulties to recover and grow. Deputy Governor Pham Thanh Ha also expressed expectations and trust in the BIDV system:

With such achievements and efforts in the coming time, BIDV should promote the position as the largest bank in the system to take the lead in implementing monetary policies. I believe that BIDV will continue to successfully complete the 2024 business plan, making an important contribution to the overall success of the banking industry and enhancing their role in the system.

Capturing the Government’s policies and SBV’s executive directions, BIDV strives 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...