Hanoi, 25 March 2015. Bank for Investment and Development of Vietnam JSC (BIDV) and Vietnam Social Security (VSS) signed an extended contract on collection of social insurance, health insurance and unemployment insurance (shortly the insurance).

Earlier on 14 July 2014, BIDV and VSS signed a master contract on collection of the insurance from businesses which opened their current accounts at BIDV in 31 provinces and cities in North and central Vietnam. The successful implementation lays a solid foundation for further cooperation between the two in South Vietnam.

​The cooperation results have satisfied the goals of both parties, namely (i) Creating favorable conditions for businesses to pay the insurance with time-saving and cost-effective procedures; supporting businesses in borrowing loans to pay the insurance; (ii) Enhancing the management of the insurance and insurance arrears collected from businesses, helping address the insurance arrears and evasion; (iii) Enhancing the capital use efficiency and meeting the needs on spending and developing social insurance funds in a safe and effective manner.

Through the agreement, the VSS’s revenue from insurance and insurance arrears from businesses will be strengthened; capital efficiency will be improved and administrative and personnel costs will be reduced thanks to BIDV’s modern banking platform. In addition, the cooperation will help VSS strengthen its ability to monitor and quickly allocate its insurance funds to maintain and develop insurance fund sources and maximize the investment efficiency, ensuring social insurance fund balance in the long term, and better serving employers and insurance beneficiaries.

The cooperation between BIDV and VSS is of great significance that helps enhance the compliance with the insurance policies, and ensure the lawful rights of workers, significantly contributing to the social security of the country. The two will strengthen cooperation and regularly review the implementation to timely address difficulties encountered to achieve the highest efficiency.

Also through the agreement, BIDV will provide modern banking services to help businesses pay the insurance in a quick, secure and cost-effective manner. BIDV will provide more utilities to customers, especially loan packages to help them fulfill their obligations to the VSS.

Addressing the ceremony, Phan Duc Tu, BIDV CEO said, “Over the years, BIDV always considers VSS a solid partner. The bank always leverages all resources and advantages in its network, technology, people and banking services for the effective cooperation of both parties”.

Established in 1957 with a wide network of more than 700 branches nationwide and overseas representative offices, over 18,000 employees, and cutting-edge IT platform, BIDV is proud to be the leading collection service provider and a trusted partner for many groups, domestic and foreign banks and customers.