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X uan Hoa
Growth potential of a young joint venture and improving models, processes and regulations. Taking advantage of technology, know-how and international experience in developing financial leasing products from Japan, along with local experience in the financial leasing field in Vietnam, BSL has been finalising the risk monitoring and internal control system according to international standards to ensure that material risks are identified, detected and promptly responded to.
4 years is not a long time for an enterprise, but a meaningful period for BIDV - SuMi TRUST Leasing Co., Ltd (BSL). The company has overcome numerous difficulties and challenges in a volatile market to grow strongly.
Building the foundation On 12 April 2017, BSL was established through the conversion of BIDV Finance Leasing Company (BLC, a wholly-owned subsidiary of BIDV) into a joint venture with BIDV owning 50 percent and Sumitomo Mitsui Trust Bank (Japan) owning 49 percent. BSL is the first finance leasing company in Vietnam to apply the joint venture model between a domestic commercial bank and a foreign financial institution. In the period 2017 - 2019, BSL focused on building business strategies and tactics while continuously building
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B I D V review
In 2020, economies in Vietnam and the world experienced significant fluctuations. The Covid-19 pandemic has brought production and services to a halt; businesses of all sizes faced serious difficulties. Against that backdrop, BSL's leadership gave timely and drastic directions and decisions to help the company overcome adversity and grow strongly, successfully meeting the 2020 goals. BSL has uniformly deployed key solutions such as focusing on infrastructure developing customers and manufacturing customers in industrial parks, widely implementing sales and sublease programs to good customer segments, closely working with BIDV branches to support customers and diversify leasing products. By the end of 2020, BSL's credit balance reached VND2,112 billion (USD91.8 million); profit after tax reached over VND32 billion (USD1.4 million), fulfilling 167 percent of the business plan.
