California, USA, 15 February 2016 - In the framework of Vietnamese Prime Minister Nguyen Tan Dung’s working program at the special ASEAN – US Summit, the Bank for Investment and Development of Vietnam JSC (BIDV) and Vietnamese enterprises on 15 February 2016 signed investment cooperation agreements with US companies at Sunnylands, California, USA. Prime Minister Nguyen Tan Dung and members of his delegation were in attendance.

 

​Accordingly, BIDV signed a cooperation agreement to promote life insurance operation in Vietnam with BIDV MetLife. Bien Dong Seafood Co., Ltd signed a contract on supplying and developing fishery products with H2Origins Seafood Inc.; and Phu Thai Group signed a cooperation agreement on building Park Hyatt brand in Vietnam with the Hyatt Hotels Corporation.

The Vietnamese enterprises joining the signing ceremony are BIDV’s important clients. In recent years, BIDV has accompanied enterprises on their development by providing information as well as credit to them so that they can increase their business expansion in international markets, particularly the US market.

Under the agreement signed between BIDV and BIDV MetLife, the two sides agreed on the key following content:

First, exchange of information, experience and introduction of opportunities to strengthen business cooperation in finance and insurance. Particularly, the two sides will: give priority to exchanging information, sharing investment opportunities as well as management experience in Vietnam’s and US financial markets; assist each other in contacting, exchanging experience and working with ministries, state regulators on developing Vietnam's financial markets; and introduce and allow access to customers for product introduction, distribution and investment cooperation.

Second, developing bancassurance distribution channel: BIDV MetLife will consider sharing information, transferring experience and technology for developing bancassurance channel as well as the bancassurance development trend to BIDV. The two sides continue to cooperate to develop bancassurance channel tailored to BIDV’s system and Vietnam markets.

Third, supporting the development of financial services: BIDV MetLife will consider advising BIDV on risk management according to international standards to prepare for tapping business opportunities of TTP; BIDV MetLife will consider providing comprehensive advice and support to BIDV for developing all-in-one personal financial products and services to BIDV’s customers.

The cooperation agreement aims to strengthen partnership between the two companies in the insurance sector in Vietnam based on the advantages and potential of the two sides. BIDV has advantages as one of the leading commercial banks in Vietnam in terms of scale, quality, efficiency, and reputation and looking to diversify business activities with two key business pillars being banking and insurance. MetLife has advantages as the leading insurance group in the US with worldwide network, diversified customer base, particularly in the field of life insurance and employee benefit programs.

Regarding the agreement between Bien Dong Seafood Co., Ltd and H2Origins Seafood Inc.: the two sides will cooperate to jointly increase the market share in the US market, aiming to reach over USD300 million growth in sales over the next 36 months; increase fillet market share to over 40%; collaborate to share information on market development and market prices; and jointly develop new seafood products with best quality for the US market. Particularly, H2Origins will buy at least 750 to 1,000 containers of fillet products within the next 4 quarters worth up to USD60 million. H2Origins will also promote brand of Bien Dong’s fillet products and manage sales activities related to this brand in the US.

Regarding the agreement between Thai Group and Hyatt Hotels Corporation: the two sides agreed on building a Park Hyatt Hanoi-branded hotel which is exclusive for 30 years. Accordingly, the project with total investment cost of USD165 million will feature nearly 300 luxury suites and presidential suites. The project is expected to be completed in 2018.

About  BIDV

BIDV (HSX: BID), established in 1957, is the leading financial institution in Vietnam. BIDV is among Top 1,000 Asian banks (The Banker Magazine), Top 500 largest brand values (Brand Finance). The bank boasts subsidiaries in finance, banking, securities and insurance with network throughout the country. With more than 24,000 employees, experts and consultants, providing diverse financial services to both individual and corporate customers, BIDV is the choice of financial institutions such as World Bank, ADB, JBIC, NIB. BIDV has expanded its business to the international markets in Laos, Cambodia, Myanmar amongst others.

About MetLife

Established in 1868, MetLife Inc. (NYSE: MET) is a leading global provider of insurance, annuities and employee benefit programs. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and Middle East.

About BIDV MetLife

BIDV MetLife is a joint venture between MetLife Asia Ltd (owned by MetLife Inc.), BIDV, and BIDV’s affiliate – BIDV Insurance Corporation (BIC). BIDV MetLife offers a comprehensive range of innovative life insurance and wealth protection solutions distributed through BIDV’s large branch network. The combination of BIDV’s local market expertise and MetLife’s financial strength and global experience makes BIDV MetLife become a modern and trusted insurance provider in Vietnam.

For more information, please contact:

Bank for Investment and Development of Vietnam JSC (BIDV)

Branding and Public Relations

Tel: +84.4.22205256;

Website: www.bidv.com.vn