On 17 October 2024, in Ho Chi Minh City, Ho Chi Minh City State Financial Investment Company (HFIC) and the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) signed a cooperation agreement, marking an important step toward establishing a strategic partnership between the two sides in promoting credit programs to support socioeconomic development in Ho Chi Minh City.

This is a cooperation program to implement Resolution No.98/2023/ QH15 dated 24 June 2023 by the National Assembly on piloting a special policy mechanism for the development of Ho Chi Minh City and Resolution No.09/2023/NQHDND dated 19 September 2023 of the People's Council of Ho Chi Minh City on syndicated loans for projects in the field of investment in priority socio-economic infrastructure development of the city. 

Representatives of BIDV and HIFC at the signing ceremony in Ho Chi Minh City

Accordingly, HFIC and BIDV will cooperate to implement syndicated lending activities according to the current credit mechanism in accordance with the provisions of the law and the State Bank of Vietnam within the scope of projects HFIC lends or acts as a focal point for syndicated loans in priority areas of socio-economic development in the area.

The two units will agree on the form of appraisal, on that basis, consider and decide on the participation rate in syndicated loans, create conditions and closely coordinate to build and complete this credit program.

In addition, with its advantages, BIDV will provide HFIC and customers participating in the project with comprehensive, quality banking products at preferential costs and support the most optimal business performance such as personal loans, payments, deposits, overdrafts, payroll payments through BIDV's payment system and others with appropriate incentives.

The signing of this agreement not only opens up new cooperation opportunities between HFIC and BIDV but also helps the two units build a long-term strategy to improve the operational efficiency of both parties, affirming the common determination to maximize the potential of each party and actively contribute to the sustainable development of Ho Chi Minh City. BIDV Binh Hung branch will be the focal unit, responsible for implementing credit programs and closely coordinating with HFIC to realize the common goals.