BIDV named Best SME Bank in Southeast Asia

HUYEN TRUC

The Global Banking & Finance Review (GBAF) has honoured the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) as Best SME Bank in Southeast Asia 2021.

This is the first time a Vietnamese bank has received a regional award for SME banking. The GBAF award has been given in recognition of the bank’s great efforts in terms of providing financial solutions to the customer segment. BIDV has been serving over 318,000 small and medium-sized enterprises, accounting for nearly 40 percent of the total number of SMEs in Vietnam.

To achieve the leading position, BIDV has always placed customers at the center of its business, using technology as a breakthrough, and providing comprehensive solutions to meet the needs of customers. Given the severe impacts of the Covid-19 pandemic on all aspects of economy and society, BIDV has consistently supported the SME community, constantly innovating and improving towards dynamic and sustainable development for SME community. With great efforts, BIDV's SME banking has achieved many outstanding results. Total outstanding loans of the SME banking reached more than VND270 trillion (USD11.2 billion), an increase of nearly 20 percent over the same period last year. Boosting digital transformation, BIDV iBank – the bank’s digital banking platform – has been used by 56,600 SME customers. BIDV has also offered cashless payment service to almost 1,500 SMEs, like SmartPOS, QRCode and Smart Medical Card at 29 hospitals nationwide. In addition, BIDV has been working on a program named "SME Digitrans", which serves to create a drastic change in the application of modern technology to financial and accounting management for SMEs. This program is funded by the Asian Development Bank (ADB).

BIDV has also timely implemented a series of actions to help SMEs overcome the impacts caused by Covid-19 such as reducing, exempting loan interest, restructuring repayment period, maintaining debt group, offering short-term credit packages of up to VND150,000 billion (USD6.5 billion) at competitive lending rates. In particular, BIDV has provided preferential financial and non-financial solutions, together with specialized business consultation by leading financial experts for women-led SMEs. The bank's constant efforts have helped SMEs recover production, business and improve operational efficiency.

GBAF stated: “BIDV, a leading bank in Vietnam, has demonstrated a strong commitment to supporting the development and growth of SMEs in the region. Over the years the bank has promoted green and sustainable credit, implemented a number of progammes to provide easy access to loans that offer competitive rates, expanded their offerings, and invested in technology to expand their digital banking”.

According to Wanda Rich, Editor, Global Banking and Finance Review, BIDV’s success in this award is based on the values that it has attributed to the sustainable development of the SME community and its business performance in relation to other Southeast Asian banks. “We look forward to seeing further growth and industry-leading solutions from BIDV in the years to come” - said Wanda Rich.

Global Banking & Finance Review is a leading British online and print magazine, which has evolved from the growing need to have a more balanced view for informative and independent news for the global banking and finance industry. The Global Banking & Finance Awards are voted by economic experts, major financial institutions and central banks of 190 participating countries.