BIDV named Best Custodian Bank in Vietnam

LY NGUYEN

On 3 August 2021, at the Asian Banker Financial Markets Awards Ceremony 2021, which was held virtually, BIDV was honoured as the Best Custodian Bank in Vietnam 2021. This is the first time a Vietnamese bank has received this award from The Asian Banker.

The Asian Banker emphasized “the Best Custodian Bank is awarded to BIDV for its astonishing growth rate in total securities under custody during the Covid-19 pandemic and continuous efforts in speeding up the process of product development”.

The award is determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff over more than 250 financial institutions in the Asia Pacific. Evaluation criteria include financial performance, process and technology, new product innovation and listing, risk management as well as Covid-19 response solutions. The award is recognition of BIDV's efforts and achievements in catching up with market trends, providing comprehensive services and technological capacity, reaffirming BIDV's No.1 position among domestic custodian banks.

The first bank granted a depository license in 2003, BIDV has had nearly 20 years of experience in the field of custodian and supervisory services and has always maintained its leading position among domestic custodian banks. BIDV’s total securities under custody by the end of 2020 reached over VND300 trillion (USD13 billion) with an annual growth rate of 50 percent. Officially launched as a new in-house developed Custody Core System, the solution helped speed up the bank’s transaction processing, and ensure data accuracy, reliability and safety.

BIDV is the only bank in Vietnam that provides comprehensive, all-in-one services for investors, investment trust portfolios as well as for all types of securities investment funds, such

BIDV representatives receive the "Best Custodian Bank in Vietnam " certificate at a virtual awarding ceremony

as member funds, mutual funds, closed-end funds, open-ended funds, exchange-traded funds (ETF), property investment funds, and expectedly voluntary supplemental retirement funds.

BIDV has strongly invested in technology to digitize processes which help improve accuracy, service speed and lay the foundation for developing new services to keep up with market trends, to provide a better experience and customer satisfaction. Income from custodian and supervisory services increased by 24 percent compared to the same period last year. In April 2021, BIDV's securities custodian and supervisory program, named BIDV eTrust, was honoured in the Top 10 Sao Khue Awards and recognized as an excellent product/solution of Vietnam's software and information technology industry in 2021. The Asian Banker Financial Markets Awards is a landmark recognition programme to benchmark institutional achievement and performance in the markets & exchanges landscape of the Asia Pacific region. Its goal is to recognise excellence in those institutions that have demonstrated a superior business strategy based on strong underlying fundamentals, highlight emerging best practices in establishing robust market structures and identify challenges in executing sound operational processes which market participants can both learn and benefit from.

Founded on 26 April 1957, BIDV is the largest commercial bank in Vietnam by total assets. As of the second quarter of 2021, the bank's total assets reached over VND1.64 quadrillion. 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 been among the world’s Top 2000 largest public companies (Forbes) and Top 300 most valuable banking brands (Brand Finance) for years.

The Asian Banker, headquartered in Singapore, is a leading provider of strategic intelligence and builder of platforms in the financial services industry, established in 1996. The magazine runs regular programmes around the world, including across Asia Pacific (China, Japan, etc.). The Asian Banker also honours BIDV in other categories such as Best Retail Bank in Vietnam for the sixth time, Best Transaction Bank in Vietnam, Best Payment Bank in Vietnam, Best Cash Management Bank in Vietnam, among others.