Recently, in Hanoi, Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the UK Export Finance (UKEF) signed a Memorandum of Understanding (MoU) to enhance cooperation.

Đại diện lãnh đạo BIDV và UKEF ký kết Biên bản Ghi nhớ về Hợp tác

According to the MoU, both parties have agreed to collaborate on financing projects that utilise goods and services from the United Kingdom, and on financing trade transactions between the UK and Vietnam, Laos and Cambodia. The aim of such collaboration is to promote economic and trade cooperation between these countries.

Speaking at the signing ceremony, Mr. Iain Frew - British Ambassador to Vietnam emphasised that this MoU represents a significant milestone in the cooperation between the UKEF and BIDV. The two entities will prioritise collaboration on energy projects, infrastructure, transportation, and sustainable development initiatives such as renewable energy and emissions reduction.

Mr. Nguyen Do Hoa - Country Head of UK Export Finance in Vietnam, Cambodia & Laos said:

This is a milestone for UKEF & BIDV to further cooperations on several mega projects, especially new joint financing opportunities for renewable energy, green infrastructure, and digital transformation projects.

From BIDV, Mr. Le Ngoc Lam, CEO of BIDV, stated that immediately after the signing ceremony, both parties will undertake necessary tasks to implement the cooperation outlined in the MoU. BIDV, as the largest commercial bank in Vietnam in terms of total assets, with a presence in Laos and Cambodia, will play a crucial role in facilitating further economic and trade cooperation with the UK.

The United Kingdom is Vietnam’s third-largest trading partner in Europe. Bilateral trade reached $7.3 billion in 2023. As of December 20th, 2023, the UK had 555 active investment projects in Vietnam, with a total registered capital of $4.2 billion. UKEF is a government agency directly under the United Kingdom government. Established in 1919, its mission is to support the export activities of UK businesses to countries worldwide. Recently, UKEF opened a representative office in Ho Chi Minh City to provide assistance and strengthen trade activities between Vietnam and the United Kingdom in the coming period.

 

BIDV has the longest history and is the largest commercial bank in Vietnam in terms of total assets. BIDV currently operates with more than 1,100 branches and transaction offices across all provinces and cities in the country. BIDV provides services to 19 million retail customers, nearly 450.000 corporate customers, cooperates with more than 2,300 financial institutions from 177 countries and territories. BIDV's credit rating continues to be at the national ceiling level, with a "Stable" outlook, among the highest rated in the Vietnamese market... Apart from its traditional strength in project financing, BIDV will continue to invest in key areas such as retail banking, SMEs, foreign direct investment (FDI), and digital banking, and take a pioneering role in sustainable development financing