BIDV, VNPT bolster partnership

HAI PHAm

Headquarters of BIDV in Hanoi

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietnam Posts and Telecommunications Group (VNPT) signed a comprehensive cooperation agreement for the 20212026 period.

Mr. Le Ngoc Lam – Chief Executive Officer of BIDV and Mr. Huynh Quang Liem – Acting Chief Executive Officer of VNPT represented the two sides to sign the agreement at a ceremony held in Hanoi on 7 July 2021.

Under the agreement, BIDV and VNPT affirmed to be their respective strategic partners, ensuring longterm and sustainable cooperation in line with business plans, leveraging strengths of the two sides to the extent permitted by law, maximizing potentials, bolstering position and competitiveness in the market.

Earlier, BIDV and VNPT, with similar operational scale and development strategy, inked a memorandum of understanding on comprehensive cooperation for the 2016 - 2020 in March 2016. To date, BIDV has established a deep partnership with and provided a variety of banking products and services for VNPT. The two parties are working on cooperation to implement new services based on Industry 4.0 in tandem with digital transformation.

Commenting on the cooperation for the period 2021 - 2026, Mr. Phan Duc Tu, Chairman of the Board of Directors of BIDV, emphasized that by leveraging modern digital technology as well as potential and advantages of each party, BIDV and VNPT will make greater efforts to research and launch new breakthrough products to the market.

“We are committed to promoting our respective advantages in terms of scale, technology, transaction network and human resources to successfully implement the strategic cooperation agreement in the new phase, creating values and benefits for both sides, community and society, contributing to the successful implementation of the National Digital Transformation Program”, said Mr. Tu.

Mr. Pham Duc Long, VNPT chairman affirmed that VNPT and BIDV will work together to successfully implement the digital transformation. VNPT will conduct survey and advise BIDV on IT services and products on digital platforms (AI, Big Data, IoT,...).

Both VNPT and BIDV have tens of millions of customers nationwide thanks to their large scale and wide coverage of transaction points. It is an extremely valuable big data warehouse that the two sides can jointly research and exploit to create new business products and business models, thereby expanding and bringing better experiences to customers.

BIDV has shaped its vision to become one of the leading financial institutions in Southeast Asia, having the best digital platform in Vietnam, striving to be among Top 100 largest banks in Asia. For VNPT, the group defines its vision to become the leading digital service provider in Vietnam and a digital hub in Asia.

BIDV is the largest commercial bank in Vietnam by total assets and charter capital. As of the second quarter of 2021, the bank’s total assets reached over USD71.4 billion. BIDV boasts a wide network of nearly 1,100 domestic and foreign branches and transaction offices, establishing partnerships with 2,300 financial institutions globally.

BIDV has accelerated digital transformation through developing modern digital banking services and implementing key IT projects such as 2021 - 2025 Digital Transformation Strategy with vision to 2030; launching new generation Smart Banking digital banking app which marks an important milestone in the bank’s digital transformation journey towards bringing the best digital

Headquarters of VNPT in Hanoi

service experiences, utilities, and added values to customers; launching the SME Digital Transformation Program (SME Digitrans) that supports businesses to accelerate digital transformation; implementing key IT projects such as Corebanking system transformation, loan management solution (CROMS).

A technology group, VNPT is one of the largest companies in Vietnam, taking on the mission of pioneering in the implementation of the National Digital Transformation Program, developing digital service infrastructure, as well as participating in the formulation of digital government, digital businesses and digital society, contributing to Vietnam’s fast and sustainable growth in the next stage of development.

Regarding developing e-government, VNPT has been entrusted by the government to complete the national infrastructure systems such as national public service portal, governmental reporting information system; national population database system, among others. VNPT also participates in consulting and implementing e-government towards digital government and smart cities in provinces and cities across Vietnam.