A Newsletter of Bank for Investment and Development of Vietnam JSC • Issue No.76 | October 2021
BIDV and MobiFone
BOLSTER COOPERATION
Leading position in IT
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BIDV AT A GLANCE The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), founded on 26 April 1957, is the longestestablished commercial bank in Vietnam. The bank’s operations cover banking, insurance, securities, and financial investment, boasting a network of nearly 1,100 branches and transaction offices as well as presence in six countries and territories. BIDV is headquartered in Hanoi, the capital of Vietnam. The bank’s stock (ticker: BID) is listed on Ho Chi Minh City Stock Exchange (HOSE).
PILLARS OF DEVELOPMENT Customer centricity Human resources and corporate culture Technology and digital banking
Priorities 2021 - 2025 Sustainable operations Sound financial capacity Transparent and effective governance Positive shift in the structure of customer base People development, fostering corporate culture Leading in IT application and digital banking in Vietnam
VISION 2030
MISSION
To become a leading financial institution in Southeast Asia, have the best digital platform in Vietnam, and be among Top 100 largest banks in Asia.
To deliver the best interests and conveniences to customers, shareholders, employees and society.
CORE VALUES Customer orientation Innovation Professionalism
and trustworthiness Social responsibility
EXECUTIVE PRODUCER Bank for Investment and Development of Vietnam JSC
TRAN PHUONG Senior Executive Vice President
EDITORIAL BOARD
Branding and Communication department
HEAD OFFICE
BIDV Tower, 194 Tran Quang Khai str., Hoan Kiem dist., Hanoi, Vietnam Tel: (+84) 24 22205544 Fax: (+84) 24 22225316 Contact center: 19009247 Email: bidvreview@bidv.com.vn License No.16-GP-XBBT dated 9 March 2021 by the Ministry of Information and Communications Printed at Vietnam Book Printing Joint Stock Company
Editor’s Letter
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Dear readers, n October, BIDV entered into a series of cooperation agreements with big partners. On 7 October 2021, BIDV and AFD held a working session to strengthen cooperation in the implementation of AFD-funded projects in Vietnam, particularly the implementation of SUNREF green credit line on promoting green investments, renewable energy and energy efficiency. This is the first credit line provided by AFD to a commercial bank in Vietnam as a non-sovereign concessional loan and is acknowledged one of the fastest projects that AFD has implemented.
partners, ensuring long-term and sustainable cooperation through mutual support to promote the strengths of each party in their business operations in accordance with law and business strategy of each party.
On 14 October 2021, BIDV and MobiFone Telecommunications Corporation (MobiFone) signed a comprehensive cooperation agreement for the 2021-2026 period. Particularly, BIDV and MobiFone will enhance cooperation in the fields of telecommunications, finance - credit and retail commerce to bring outstanding quality products and services as well as superior experience to customers, contributing to the development of the national digital economy.
Despite the complicated pandemic in many countries, especially in Asia and Southeast Asia, most countries have chosen a flexible easing strategy to support economic development. However, the world economic recovery remains challenging due to the global supply chain disruption and international trade stagnation. Vietnam’s economy in 2021 severely suffers during the pandemic, worsened by the disruption of global supply chain. Economic growth saw a downturn in the third quarter (-6.17 percent), which is expected to continue (or grow slowly) in the fourth quarter. Experts projected Vietnam’s GDP to be at 2.0 - 2.5 percent in 2021.
On 22 October 2021 in Hanoi, BIDV and Vietnam Expressway Corporation (VEC) signed a comprehensive cooperation agreement for the period 2021-2025. Under the agreement, BIDV and VEC affirm that they will be strategic
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In the month, Vietnam Women Entrepreneurs’ Council in collaboration with the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) held Vietnam Women Entrepreneurs’ Forum. BIDV representatives attended and shared about the bank’s support and solutions for SME digital transformation.
Following various campaigns to join hands in taking care of people affected by the Covid-19 pandemic, BIDV has offered 18,000 sets of meals to those in need, including the elderly, poor patients, the unemployed, the homeless, etc. who are living in Hanoi. As a leading financial institution in the country, BIDV has carried out many social security programs during the fight against the pandemic with a total donation of VND250 billion since 2020.
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PARTNERS
BIDV HIGHTLIGHTS
16. AM Best affirms credit ratings of BIC 18. BSC named Best Investment Management Company in
04. BIDV and MobiFone sign comprehensive cooperation agreement
Vietnam
19. BIC among top 100 excellent brands in Vietnam POLICY UPDATE
20. New regulations effective October 2021 PRODUCTS & SERVICES
22. A comprehensive product package for BIDV’s small traders
06. BIDV sustains stable and safe operation in the first 9 months
07. Digital transformation: from perception to action 08. BIDV IT continues the leading position
23. Receiving money with Ria LIFESTYLE
24. The longest wooden bridge in Vietnam
10. BIDV among top 3 strongest financial brands in Vietnam 11. Partnership for sustainable development INSIGHTS
12. Challenging economic recovery 14. Boosting productivity with RPA 26. Wild beauty on top of Eo Chim Pass CSR
28. Meals for disadvantaged people in Hanoi
MARKET MOVEMENTS
15. FDI inflows into Vietnam rise slightly in 10 months
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BIDV Highlights
Va n Hai
BIDV and AFD strengthen cooperation The two sides also agreed to strengthen capabilities and expand cooperation contents in the next five years on the basis of results achieved in the past period.
A meeting between AFD and BIDV in October 2021 in Hanoi
BIDV and French Development Agency (AFD) met to strengthen cooperation in the implementation of AFD-funded projects in Vietnam.
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n 7 October 2021, BIDV and AFD held a working session to strengthen cooperation in the implementation of AFD-funded projects in Vietnam, particularly the implementation of SUNREF green credit line on promoting green investments, renewable energy and energy efficiency. Since 2017, AFD and BIDV have successfully implemented the SUNREF Green Credit Line worth USD100 million. This is the first credit line provided by AFD to a commercial bank in Vietnam as a non-sovereign concessional loan and is acknowledged as one of the fastest projects that AFD has implemented. In addition, AFD also selected BIDV as the bank to serve many AFD projects such as the “Ialy Hydropower Plant
Expansion” project worth EUR74.7 million, “Sesan 4 Solar Power Plant” project worth EUR24.2 million,... At the working session, Fabrice Richy, former director of AFD Vietnam said: BIDV is a bank with extensive experience and reputation in managing foreign entrusted capital sources and providing comprehensive and modern banking products and services to customers. Over the years, BIDV has always been trusted and chosen by AFD as a re-lending bank, serving AFD's capital sources in Vietnam. Mr. Herve Conan, new director of AFD Vietnam said: BIDV is one of the leading partners of AFD. In the future, the AFD team will be ready to support and further extend the achievements of BIDV and AFD.
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Mr. Tran Long - BIDV’s Senior Executive Vice President said: “AFD's financing to Vietnam has supported BIDV's customers to get preferential medium and long-term loans, access to international standards on sustainable development for project implementation. BIDV hopes that the long-term and close cooperation relationship between AFD and BIDV will continue to be promoted in the coming period.” On this occasion, Mr. Tran Long represented BIDV to express sincere thanks to Mr. Fabrice Richy for his contributions. He also extended congratulations to Mr. Hervé Conan as the new director of AFD Vietnam.
About AFD: The French Development Agency (Agence Française de Développement, AFD) Group is a public entity which finances, supports and expedites transitions toward a more just and sustainable world. In line with French cooperation priorities in Vietnam, AFD is positioning its operations to support the implementation of the Paris Agreement. AFD has been active in Vietnam since 1994 and has financed nearly 100 programs, projects with a total committed ODA of EUR2.1 billion in various sectors such as transport, infrastructure, energy, agriculture, adaptation to climate change,…
BIDV Highlights
Nha t Nam
BIDV and MobiFone sign comprehensive cooperation agreement sustainably, contributing to promoting the prosperity of the national economy and society. Specifically, in the field of finance - banking, BIDV is committed to providing modern and preeminent financial and banking products and services, consultancy for MobiFone at competitive prices, creating favorable conditions for MobiFone to take full advantage of economic benefits from production and business activities.
BIDV and MobiFone sign the comprehensive cooperation agreement for the 2021 - 2026 period
BIDV and MobiFone will enhance cooperation in the fields of telecommunications, finance - credit and retail commerce to bring outstanding quality products and services as well as superior experience to customers, contributing to the development of the national digital economy.
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n 14 October 2021, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and MobiFone Telecommunications Corporation (MobiFone) signed a comprehensive cooperation agreement for the 20212026 period. Under the agreement, BIDV and MobiFone will strengthen the extensive and comprehensive cooperation, maximizing the strengths and potential of each party in accordance with the current provisions of law. In particular, in the context of a volatile market due to the serious impacts of the Covid-19 pandemic, the cooperation between the two large enterprises affirms the efforts of Vietnamese enterprises to recover, make breakthroughs, and develop
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In the fields of telecommunications IT, MobiFone will provide BIDV with products of optimal quality covering telecommunications, information technology, transmission, digital content, etc. in accordance with law, ensuring competitiveness in the telecommunications service market. The two sides are committed to facilitating cross-selling of their respective products, cooperating to create new products and utilities for society, implementing payment intermediary service product packages such as: E-wallet service; Online payment portal service, Collection and payment service, 24/7 payment service, Napas payment service, etc. BIDV has cooperated with and served MobiFone to deploy the Mobile Money Project and opens an account to ensure the Mobile Money service payment when it is officially licensed by the State Bank of Vietnam. The two
BIDV Highlights
sides will also continue cooperation on researching and launching other convenient products and services in the coming time. A senior representative of MobiFone said: “MobiFone and BIDV have strengths and can support each other in terms of technical infrastructure, markets, products and services, technology as well as corporate culture. The strategic cooperation between the two sides is the synergy of existing strengths and new ones, serving as a lever that helps the two make go further, contributing to the country’s post-pandemic socioeconomic recovery and development.” BIDV's senior representative said: “The signing of the comprehensive cooperation agreement affirms the strategic cooperation relationship between BIDV and MobiFone, demonstrating the two sides’ determination to the successful implementation of the digital transformation strategy, contributing to building the nation's digital economy. BIDV and MobiFone are committed to making the most of their respective advantages for mutual development, creating values and benefits for them, the community and society."
MobiFone launches 5G mobile technology
About BIDV Founded in 1957, BIDV is the largest commercial bank in Vietnam by total assets. The bank’s operations cover banking, insurance, securities and financial investment. BIDV boasts a network of nearly 1,100 branches and transaction offices as well as commercial presence in 6 countries and territories, serving over 12 million customers, and has established partnerships with 2,300 financial institutions globally. For many consecutive years BIDV has been in the list of the world’s Top 2,000 largest public companies (Forbes); Top 300 most valuable banking brands in the world (Brand Finance), Top 10 Largest Enterprises in Vietnam (Vietnam Report), Best Retail Bank in Vietnam for the sixth time (The Asian Banker); Best SME Bank in Vietnam for 4 consecutive years (The Asian Banking & Finance) and many other prestigious awards
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About MobiFone As a pioneering operator in Vietnam's mobile telecom market, after 28 years of development, MobiFone has been on a strong digital transformation roadmap, establishing its position as an IT enterprise, a digital infrastructure and service provider. MobiFone bolsters research and application of new technologies such as Big Data, Artificial Intelligence (AI) in customer care and provides solutions for corporate and individual customers including governmental agencies. MobiFone has been among Top 10 largest IT - telecom enterprises in Vietnam for many consecutive years, Top 10 Vietnam's IT solutions and service providers in 2021, and Top 10 Digital Technology - Service in 2021. MobiFone won many big IT awards at IBA Stevie Awards 2020, 2021. For many years MobiFone has been on the list of Top 50 most valuable brands in Vietnam (Brand Finance).
BIDV Highlights
X uan Thie u
BIDV sustains stable and safe operation in the first 9 months Consolidated profit before tax reached VND10,733 billion (USD473 million), up 52 percent year-on-year, completing 83 percent of the bank’s business plan. BIDV has made sufficient provisions for risks according to regulations. Operational safety criteria are compliant with the State’s regulations and in line with international practices.
BIDV has released its financial report for the third quarter of 2021 with business activities continuing to remain stable and safe despite the pandemic.
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s of 30 September 2021, BIDV had achieved positive business results, with total consolidated assets reaching over VND1.68 quadrillion (USD74 billion), up 11.2 percent year to date. Customer loans reached over VND1.328 quadrillion (USD58.5 billion), up 9.4 percent year to date, which is more positive than the performance in the same period last year. Customer segments with good growth include Retail, SMEs, and FDI.
Credit quality improved positively compared to the beginning of the year. Particularly, bad debt ratio according to Circular 11 was 1.39 percent as of 30 September 2021 (a decrease by 0.15 percent compared to the beginning of the year, in line with the State Bank’s direction of below 1.6 percent); Group 2 debt ratio was 1.29 percent (down 0.03 percent year to date). Customer deposits and issued valuable papers reached over VND1.424 quadrillion (USD62.7 billion), up 10.5 percent compared to the beginning of the year. Non-interest income recorded positive results, specifically: net service income hit VND6,226 billion (USD274 million), up 21 percent over the same period last year, in which services with high growth rate of over 30 percent include digital banking (45 percent), insurance (60 percent).
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As Vietnam’s leading financial institution, BIDV continues to implement solutions to supporting businesses, people and the economy to overcome the difficulties caused by the Covid-19 pandemic, following the policy and direction of the Government and the State Bank of Vietnam. Total budget for the support of the year is estimated at VND7,100 - 7,500 billion (USD330.4 million). In the first 9 months of 2021, BIDV proactively reduced its income by over VND5,200 billion (USD229 million) to implement credit packages at preferential rates as well as reducing lending rates and service fees for customers. In addition to the business activities, BIDV is also active in social security activities. As of 30 September 2021, total funding for the implementation of social security programs committed by BIDV was VND400 billion (USD17.6 million). In August 2021, BIDV launched a special credit - service program of VND25,000 billion (USD1.1 billion) named “Accompanying the health sector, joining hands to overcome the pandemic” to support medical staff nationwide. The package disbursements as of the end of September this year had been more than VND5,140 billion (USD226.4 million).
BIDV Highlights
Hu y en Truc
Digital transformation: from perception to action roadmap for the implementation of digital transformation for small and medium enterprises. Mrs. Pham Thi Van Khanh - Head of BIDV's Corporate Banking Department shared about BIDV's role in the digital transformation journey with businesses. Accordingly, BIDV has provided many solutions to improving customers' ability to access bank loans and services through the following components: SME consulting activities; enhancing SME’s access to technology and financial transparency; digitizing banking activities for SMEs; and comprehensive development of supply chain financing products.
he forum themed “Digital Transformation: From perception to action” aims to empower women through supporting womenled businesses to transform digitally, recovering business and production activities as well as adapting to the pandemic in the context of Industry 4.0. The forum afforded participants a chance to share experience and seek ways to step up digital transformation, towards building a healthy and sustainable business environment
In order to boost digital transformation, apply modern technology to governance and financial - accounting management, BIDV launched a Digital Transformation program for SMEs (SME Digitrans). The bank has cooperated with MISA Joint Stock Company and Kiu Vietnam Co., Ltd. to offer incentives to small and medium-sized businesses such as a free 2-year fee for BMP business management software, free accounting software MISA SME.NET 2020 Professional + meInvoice. BIDV also offers BIDV ERP connection between BIDV's iBank service and the abovementioned software.
At the discussion session "Digital Transformation - Take action", BIDV and the technology solution providers discussed and advised businesses on digital transformation issues, tools, services and platforms that can be applied in the context of the Covid-19 pandemic. They also outlined a suitable
Together with the cause of gender equality, the contingent of female entrepreneurs has been growing stronger, with their firms accounting for 26.5 percent of the total nationwide, placing Vietnam sixth among countries with the highest number of businesswomen.
BIDV representative joins the launch of Digital transformation for women entrepreneurs program in Hanoi
On 15 October, Vietnam Women Entrepreneurs’ Council in collaboration with the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) held Vietnam Women Entrepreneurs’ Forum. BIDV representatives attended and shared about the bank’s support for SME digital transformation.
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BIDV Highlights
Thu An
BIDV IT continues the leading position development in accordance with the direction of the Board of Directors, particularly: Developing and updating the features of iBank, SmartBanking, BIDV Mobile, Mobile Payment, QRCode payment, SamsungPay, Contactless, multi-functional ATM; CRM, Omnichannel, Open API, eKYC, Robotics, Data Analyst, etc.
BIDV’s Information Technology (IT) has marked its 30 years of establishment and development. It is a long journey with many remarkable and proud achievements that have made a great contribution to BIDV’s successes.
around 5 major objectives. The first one is to modernize the banking technology system. Accordingly, BIDV has completed SOA-standard infrastructure integration, enabling the expansion and integration of BIDV’s software applications, which form a firm ground for the new core banking system transformation. Currently, the new core banking Transformation Project has completed bidder selection and contract signing and is scheduled for launch in 2023.
Breakthrough developments BIDV’s IT achieved breakthrough developments in the 2015 – 2020 period with great investment in IT solutions to serve diversified business operations as a finance - banking group. The bank also procured or developed various in-house IT systems covering wholesale banking, retail banking, treasury and core IT systems for its member units. By the end of 2020, BIDV’s IT operations had been implemented in the right direction, meeting its roadmap and plan pinpointed
In addition, BIDV has successfully run its business operations embracing the digital banking model. Not only focusing on procurement or inhouse development of many modern distribution channel applications, providing diversified products and services to individual, corporate and financial institution customers with typical e-banking systems such as Internet Banking/Mobile Banking, Smart Banking; card acceptance/payment systems; bilateral/multilateral payment system with other credit institutions, etc., has BIDV also successfully launched software apps for digital banking
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2020 marked BIDV’s success in enhancing IT application to improve governance capacity in a diversified and comprehensive manner covering its full operations, including Management Information System (MIS). This system enables BIDV to become one of the first banks in Vietnam to successfully put into use the Centralized Data Warehouse and its synchronous infrastructure based on modern architecture and model following IBM’s international practices. With the MPA system, BIDV also becomes one of the very few Vietnamese banks that have a detailed multi-dimensional profit analysis system covering products, customers, business units, regions, etc. The ERP system also has met the requirement of finance and accounting management following international standards and practices as well as specific requirements in Vietnam, facilitating BIDV’s long-term development goals. Another remarkable success of BIDV in 2020 is its ability to standardize IT infrastructure and security as well as strengthen functions and tasks, applying management standards following international practices. So far, BIDV has completed various solutions on IT infrastructure and security including security infrastructure for Internet connection applications, upgrading the network system towards a unified multi-service network system.
BIDV Highlights
BIDV IT’s achievements during the past 30 years in general and in 2020, in particular, have been recognized by prestigious international and Vietnamese organizations with awards and accolades such as ranking No. 1 for readiness for information and communications technology (Vietnam ICT Index) among Vietnamese commercial banks as voted by the Vietnam Association for Information Processing and the Ministry of Information and Communications for 14 consecutive years. Most recently, in 2020, BIDV was honored with the Outstanding Digital Transformation Bank Award by VNBA and IDG and the Most Dynamic Bank award by NAPAs in recognition of its active cooperation in implementing projects with NAPAS.
Moving forward Despite the outstanding achievements, there remain various challenges that require relentless efforts of BIDV to compete with other domestic and regional banks in the context of Industry 4.0. The leadership of BIDV has defined technology and digital banking as one of the three development pillars of BIDV. BIDV is set to be the leading bank in IT and digital banking application in Vietnam. The bank sets out 3 main goals in its IT development strategy by 2025, particularly: Firstly, focus on developing IT applications and digital transformation. Accordingly, it is necessary to widely and successfully apply key technologies of Industry 4.0 to its overall business operations in order to modernize the bank’s operations towards safety, efficiency and improved competitiveness. In addition, develop
and improve the overall IT architecture to serve as the foundation for the development and implementation of IT systems and software at BIDV; Deploy the new generation core banking system following digital bank model with digitized processes, smart governance, automated risk handling and control; Develop and launch digital banking with priority given to the digitization of business processes and distribution channels; Strengthen cooperation with Fintech/Bigtech to establish banking ecosystems that connect with external partners. Secondly, develop IT infrastructure: research and prepare for using cloud computing services as soon as the legal framework is available; Develop, manage and operate IT, network and communication infrastructure to meet international standards such as Cobit, ITIL and fully comply with regulations of the State Bank of Vietnam on IT infrastructure. In addition, research and develop LAN and WAN architectures at data centers following DCNA (Data Center Network Architecture) standard or equivalent
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from 2021 and strive to have two operational data centers operating in parallel mode by 2025. Thirdly, strengthen information security and safety: invest in and deploy security solutions in line with the importance and risks of the information system, with a focus on the payment system, core banking system and service provision systems to ensure smooth operation, business continuity and safety against IT risks and cyber-attacks. BIDV will also focus on effectively implementing internal control on information security throughout the bank; Complete the model and competencies of the Security Operations Center (SoC) under the IT Center to ensure effective monitoring and timely detection of security risks, intrusions and cyberattacks to BIDV IT system. The bank will also finalize processes, scenarios and organize stress tests to incidents and risks of information insecurity for all potentially affected subjects in order to timely prevent and minimize the negative impacts and consequences of cyber-attacks.
BIDV Highlights
Lan Truong
BIDV among Top 3 strongest financial brands in Vietnam Foreign brands have a much stronger presence in the insurance sector. While BaoViet Life takes the gold medal, insurers from Canada, the US, Hong Kong, Japan, Italy, Switzerland, Taiwan, and the UK take up eight of the top ten places. Commenting on the rankings, YouGov Vietnam CEO Thue Quist Thomasen said: “For the first time, these rankings reveal the financial brands that consumers trust, value, and recommend. Our data shows that local banks have the strongest brands for Vietnamese consumers. However, foreign institutions dominate the insurance market. This poses a challenge to local banks looking to grow their customer base in this area.
The biggest-ever consumer finance survey in Vietnam has named BIDV among the country’s three strongest financial brands.
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ased on over 45,222 interviews with Vietnamese consumers between July 2019 and July 2021, the results were revealed in the first YouGov’s Banking & Insurance rankings. Top 3 strongest financial brands in Vietnam include BIDV, Vietcombank and Techcombank. The rankings are based on an aggregate of six unique criteria measuring consumer perceptions of local and international financial
institutions in Vietnam. Banks and insurers were rated on their reputation, customer satisfaction, value-for-money, quality, overall impression, and whether people would recommend it to others. The rankings also measure changing trends in consumer attitudes towards banks and insurers, tracking which financial brands have improved over time. Vietnamese banks dominate the list of ‘most recommended’ financial institutions. However, foreign banks look to be gaining ground in the minds of Vietnamese consumers. HSBC and Citibank both appear in the top ten ‘most recommended’ while Citibank is also the third-biggest improver in this score.
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“Building a strong brand is one of the most important factors in creating a successful company in Vietnam, sustaining a competitive advantage, and achieving a high valuation. Our data can give financial institutions unique insights into how customers rate their brands and services, which banks can use to optimize their marketing campaigns and gain greater market share.” With operations in the UK, North America, Mainland Europe, the Nordics, the Middle East, and Asia Pacific, YouGov BrandIndex draws data from millions of interviews across different sectors in the global market.
BIDV Highlights
Minh Nam
Partnership for sustainable development most favorable conditions for their respective customers. Mr. Le Ngoc Lam, Chief Executive Officer of BIDV expressed his belief that the active support by BIDV in the provision of modern and preeminent banking products and services will help VEC continue to operate effectively and grow stronger.
Mr. Le Ngoc Lam – CEO of BIDV (right) and Mr. Pham Hong Quang – CEO of VEC represent the two sides to sign the agreement
On 22 October 2021 in Hanoi, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and Vietnam Expressway Corporation (VEC) signed a comprehensive cooperation agreement for the period 2021-2025.
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nder the agreement, BIDV and VEC affirm that they will be strategic partners, ensuring long-term and sustainable cooperation through mutual support to promote the strengths of each party in their business operations in accordance with law and business strategy of each party. The two sides are committed to cooperating to optimize the potentials, improving business efficiency and competitiveness of each party. Mr. Truong Viet Dong - Chairman of the Council of Members of VEC shared: building on the results achieved in the cooperation in the past period, the two sides will continue to make more significant changes to promote business activities, creating the
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“The signing of the comprehensive cooperation agreement today continues to affirm the long-term and sustainable cooperation relationship, helping improve operational efficiency, position and competitiveness of each party, ensuring the balance of the overall interests of the parties in cooperation.” Established in 2004 and headquartered in Hanoi, Vietnam Expressway Corporation engages in the investment, operation, maintenance, and handling of toll collection in expressway routes. Its activities also include the construction of transport facilities in various modes. In addition, the company involves in transport technical consultation, research and development of services in expressway adjacent areas. VEC is now one of the largest expressway developers in Vietnam. Some of its expressway projects include Cau Gie - Ninh Binh, Noi Bai - Lao Cai, Da Nang - Quang Ngai, Ho Chi Minh City - Long Thanh - Dau Giay, and Ben Luc - Long Thanh.
Insights
Nghi a Le
Challenging economic recovery Despite the complicated pandemic in many countries, especially in Asia and Southeast Asia, most countries have chosen a flexible easing strategy to support economic development. However, the world economic recovery remains challenging due to global supply chain disruption and international trade stagnation. Global economic growth forecast low China’s economy - one of the two sources for recovery - slowed down in the third quarter and that momentum will be maintained in the fourth quarter. Industrial production index and consumer spending have seen a continuous decrease in recent months. Major risks in financial, real estate and energy sectors exert more pressure on its robust economic recovery observed in the first half of 2021.
that U.S., Europe and Japan have recently injected through economic stimulus and social relief programs (U.S.: 27 percent GDP, Japan: 61 percent of GDP, Europe: 18 percent of GDP) will inevitably exert long-term growing inflationary pressures. In addition, the supply disruption due to shortages of raw materials, means of transport and the recent fuel crisis will also put pressure on cost inflation, which in turn will worsen global cost-push inflation.
The U.S., Germany, Japan and some European countries also revised down their growth forecasts for this year, in particular: U.S. from 7 percent down to 5.9 percent and maybe even lower, Germany from 3.8 percent to 2.5 percent. For Japan, the recovery sees no progress at all.
Global trade still observes a weak recovery, which is attributed to disrupted supply chains, high transport costs, prolonged transport durations, leading to a shortage of semiconductor chips and sharp increase in raw materials and fuel prices. Global trade growth is expected to hit just 0 percent this year, with modest growth the following year.
Global inflation has shown signs of increasing and is likely to persist, threatening economic recovery and GPD growth in the medium term (except for Japan, which is still in deflation). Inflation in the U.S. is expected to reach 4.2 percent this year, while that of UK, Europe and China is approximately 3 percent, 2.5 percent and 4.5 percent, respectively. Although Fed and the central banks in some countries have set long-term inflation targets at 2.2 percent - 2.5 percent, the huge amount
In terms of currency and investment, despite the ongoing challenge in economic recovery, many central banks (except Japan) are planning to narrow down their economic stimulus, sharply reducing asset purchases and raising interest rates. Fed is expected to gradually raise the overnight rate from current 0.25 percent to 2.1 percent in 2022. South Korea is the first country to gradually shift to a tight monetary policy and increase interest rates from August 2021. China and many other
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countries are also expected to raise interest rates from 2022. Therefore, the USD tends to appreciate significantly while currencies of many developing economies become weaken. This trend could last until 2021-end and begin to change significantly in the second half of 2022. Foreign investment flow into developing countries could be significantly reduced, although a massive capital outflow is unlikely. In China, the collapse of Evergrande group is also posing significant concerns over its financial market. Despite its insignificant impact on international financial market (foreign investment in Evergrande is less than USD100 million), the Chinese government has to inject CNY100 billion into the banking system to maintain liquidity. In addition, the government’s policy adjustments towards domestic tech giants may also adversely affect foreign investments.
Vietnam’s GDP projected at 2.02.5 percent in 2021 Vietnam’s economy in 2021 severely suffers during the pandemic, worsened by the disruption of global supply chain. Economic growth saw a
Insights
will be purchased by the State Bank of Vietnam (SBV). Government bonds must be officially booked as public debt, which will be gradually sold by SBV in the next few years. The issuance volume should be as much as 2 percent of GDP (equivalent to USD6.8 billion according to new GDP calculation).
downturn in the third quarter (-6.17 percent), which is expected to continue (or grow slowly) in the fourth quarter. If economic growth is negative for 2 consecutive quarters, Vietnam’s economy will fall into recession. The sharp economic decline in the third quarter covered most of economic sectors, including industry, trade and services and agriculture (which, on the other hand, saw positive growth of 1 percent). Trade balance witnessed the first deficit in 10 years; foreign direct investment decreased with the number of closed enterprises outstanding the number of the new ones. However, Vietnam still has several fundamental drivers for economic recovery, specifically: The macro-economy is quite stable. The budget revenue and expenditure balance and current account are quite positive. This is an important decisive factor for economic recovery in the next few years. Vietnam has entered into many free trade agreements. This is a great opportunity that domestic and FDI enterprises can capture to quickly restore production, especially in agriculture and processing industries.
Vietnamese enterprises are nurturing innovation and actively supporting startup ecosystems. They are ready to overcome challenges and difficulties to recover their production and business. The Government’s policy and financial support, if any, will enable a very quick recovery process. Vietnam is also accelerating vaccinations towards “living with the pandemic”, which helps facilitate economic recovery faster than many other countries. How Vietnam’s economy recovers in 2022 depends much on Vietnam’s ability of ‘adaptation, safety and flexibility” to Covid-19 pandemic. This forms a firm ground for selective economic easing strategy to accelerate the recovery. In addition, the Government should seriously consider obtaining necessary funds for unemployment allowance, maintaining employment for both employed and self-employed, financing major enterprises, and providing loan guarantees to SMEs which are no longer eligible to bank loans. It is even necessary to accelerate investment in key infrastructure projects such as the North-South Expressway, Long Thanh International Airport, etc. by issuing Government bonds, which
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In addition, the Government by its mandate (provided for in the Foreign Exchange Ordinance) can mobilize 1-2 percent of foreign currency reserves for special medical needs such as buying vaccines, special medicines and some necessary modern equipment and technologies for research and manufacture of vaccines and drugs. If the above requirements are fulfilled, Vietnam can avoid negative economic growth in the fourth quarter (which is not easy compared to 2020 year-over-year growth of 4.48 percent). Economic growth for 2021 can reach 2.0 - 2.5 percent. Economic growth in 2022 can therefore recover well, projected at about 5 - 5.2 percent. Inflation may increase slightly due to the increase in raw materials and fuel prices in line with the world market and slight recovery of consumer demand (which decreases by over 10 percent in 2021) to approximately 4 percent, due to the slow recovery of cash turnover ratio. The trade deficit is forecast to decrease thanks to the recovery of domestic enterprises. The State budget balance may see a slight deficit. Non-performing loans of the banking system may increase sharply in the months ending in 2022. Some commercial banks may face liquidity problems, interest rates are likely to increase in the second half of the year.
Insights
Ngo c D o
Boosting productivity with RPA IT staff who are eager to learn and explore new technologies. Many of BIDV's IT specialists have received UiPath certificates from the leading US technology company. Also, BIDV's IT staffs are also knowledgeable about banking operations. With the advantage of both technology and professional knowledge, BIDV is confident to apply robotics in its operational activities.
Speakers at the DigiTalk on RPA
Recently BIDV Digital Banking Center held a Digitalk themed ”Improving labor productivity and working innovation with RPA“. The program drew the attention of a large number of staff at BIDV.
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PA (Robotic Process Automation) is a software technology that makes it easy to build, deploy, and manage software robots that emulate human actions interacting with digital systems and software. RPA technology helps reduce human resource costs, limit the risk of errors in the production and business process. Mr. Tran Phuong, senior executive vice president of BIDV, shared that the application of RPA technology helps to free staff from simple and repetitive operations. Therefore, they can focus on researching and developing more in-depth knowledge and skills, thus contributing to improving labor productivity and restructuring BIDV's human resources in a positive direction. According to Mrs. Tran Thanh Xuan, Deputy Head of BIDV IT Center, BIDV has many advantages in applying RPA technology because it has a team of
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Analyzing the conditions for applying RPA at the bank, Mr. Bui Dinh Giap CEO of FPT Software's akaBot, who has helped businesses to use robotics to increase labor productivity, outlined 3 conditions for the successful application of RPA. Firstly, an enterprise’s operations must not be too complicated but repetitive; secondly, business processes are standardised; and thirdly, selection of experienced units in RPA implementation suitable to the enterprise. Mr. Giap affirmed that the trend of replacing repetitive operations with RPA is inevitable. However, employees should not be afraid that technology will take away their jobs. Those who face technological changes sooner will have advantages in the labor market. Since 2018, the bank has been the pioneer to apply RPA technology in 2 business areas including customer service and payment. BIDV is currently studying the comprehensive application of RPA, EPN (Electronic Payment Networks), and ECM (Enterprise Content Management) technologies for corporate data management and operational efficiency.
market movements
Ngu y en Huong
FDI inflows into Vietnam rise slightly in 10 months Total FDI inflows into Vietnam during the first 10 months of the year rose by 1.1 percent on-year to USD23.74 billion.
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ccording to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, as of 20 October, USD13 billion was poured into 1,375 newlylicensed projects, down 34.5 percent in the number of projects and up 11.6 percent in value over the same period last year. Besides this, USD7.09 billion was added into 776 projects currently underway, a decrease of 14.4 percent in the number of projects and a rise of 24.2 percent in value against the year prior. Foreign investors also poured USD3.63 billion into share purchase deals, down 40.6 percent on-year. The FIA reported that newly- and additionally-registered FDI remained on an uptrend, however, the on-year increase for the first 10 months was lower than for the first nine months.
USD15.15 billion, a decrease of 4.1 percent on-year, and only 0.6 percentage points more than in the first nine months.
The decrease in the number of new and expanded projects was attributed to travel restrictions and long quarantine policy, which made it hard for foreign investors to survey projects.
Among the 18 sectors receiving investment from foreign investors in the first 10 months of this year, processing and manufacturing took the lead with USD12.74 billion, accounting for 53.7 percent of the total FDI. It was followed by power production and distribution with over USD5.54 billion, making for 23.3 percent, followed by real estate, and wholesale, retail.
In the first 10 months, foreign direct investment disbursement reached
Singapore is the leader among the 97 countries and territories investing in
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Vietnam in the period, with a total investment capital of nearly USD6.77 billion, followed by South Korea (USD4.15 billion), and Japan (USD3.4 billion). The export turnover of FDI sector continued to increase in the first 10 months. The sector’s import turnover was estimated at USD176.9 billion, an increase of 31.3 percent on-year. Generally, in the first 10 months, the trade surplus of the FDI sector was about USD21.2 billion (including crude oil), while the trade deficit of local enterprises was USD23.2 billion.
partners
Ha i Ng uyen
AM Best affirms credit ratings of BIC
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the LongTerm Issuer Credit Rating of “bbb” (Good) of BIDV Insurance Corporation (BIC). The outlook of the credit ratings is stable.
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he ratings reflect BIC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from the company’s ultimate corporate parent, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). BIC’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which AM
Best expects to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). Despite the company’s moderate dividend payout ratio over the past three years, retained earnings have remained sufficient to bolster its shareholders’ equity and support new business growth. The company maintains a conservative investment strategy with over 90 percent of investments held in cash, term deposits and fixed-income securities. Other balance sheet considerations include the company’s reliance on reinsurance to support its underwriting capacity for large property and engineering risks, as well as to manage accumulation risks and catastrophe exposure. AM Best assesses the company’s operating performance as adequate, with a five-year average return-onequity ratio of 8.9 percent (2016-2020). BIC’s combined ratio has trended lower in recent years, with a five-year average of 98.2 percent (2016-2020), partially driven by tightened underwriting
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guidelines. The company’s operating expense ratio has increased over recent years in part driven by the significant growth in BIC’s personal accident and health insurance through its bancassurance channel, which exhibits high distribution costs but low loss experience. Despite this, AM Best expects BIC’s combined ratio to remain at a profitable level prospectively. The company’s overall earnings have been supported by robust investment
partners
Prospectively, AM Best expects growth in BIC’s portfolio to remain driven by business from its bancassurance distribution channel. AM Best considers BIC’s ERM framework as appropriate given the size and complexity of its operations. The company’s risk management framework and capabilities benefit from a level of technical support, expertise and oversight provided by BIDV, as well as from a strategic relationship with a minority interest shareholder, Fairfax Asia Limited.
BIC logo seen on its headquarters building
earnings, emanating mainly from interest income on term deposits. AM Best views BIC’s business profile as neutral. Despite the Covid-19 environment, the company reported a 12.9 percent growth in gross written premium (GWP) in 2020, reaching VND2.8 trillion (USD119 million). In terms of business mix, approximately 90 percent of GWP was sourced from Vietnam and the remaining from Laos.
AM Best views BIC’s common branding and business distribution through its corporate parent, BIDV, as beneficial to its business profile. The company’s main lines of business are motor, commercial property (including engineering), personal accident and health, which collectively accounted for over 80 percent of GWP in 2020. On a net premium basis, the company’s portfolio is focused more on motor, personal accident and health.
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According to Forbes Vietnam, BIDV Insurance Corporation (BIC) is one of the 25 leading financial brands in Vietnam in 2021. BIC is also one of eight leading non-life insurance companies in terms of market share of direct premium revenue and among the top three companies in this field with high profitability in the market. In 2021, despite the impact of the Covid-19 pandemic which takes its toll on Vietnam’s economy and the world, BIC continues to be consistent with the revenue growth pan in association with operational efficiency. BIC said it will strive to reach VND3,000 billion in premium revenue.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
partners
Hu u Th anh
BSC named Best Investment Management Company in Vietnam BSC also reported positive third quarter business results with profit before tax reaching VND345 billion, 3 times higher than the same period last year.
BIDV Securities Joint Stock Company was honoured with the award Best Investment Management Company in Vietnam in 2021 by Global Banking and Finance Magazine.
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he award was evaluated and selected by the Jury Council of Global Banking and Finance Review among the companies with the best quality of advisory services and stock and bond investment activities in Vietnam. Prominent is the financial consulting activity of BSC with a series of successful bond issuance advisory transactions and highly appreciated by partners such as Becamex IDC, Becamex ITC, Novaland Group, Hung Thinh Land, Intracom, Vietinbank, etc. Regarding securities investment consulting services, BSC has continuously launched diverse products
and services in 2021 with the desire to improve customer experience such as: using eKYC to open online accounts, providing consultancy and customer support on Zalo platform (BSC Zalo), deploying quick transferring/ depositing money to securities accounts through the identification number 9618… In addition to the impressive results in financial advisory and securities investment consulting, BSC's investment activities also showed strong growth in profit; profit from FVTPL assets (fair value through profit or loss) and profit from investments held to maturity (HTM) in the first 9 months of 2021 were VND130.1 billion (USD5.7 million), up 80.4 percent over the same period last year.
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According to the financial statements for the first 9 months of 2021, BSC's operating revenue reached more than VND920 billion (USD40 million), profit before tax hit VND345 billion (USD15 million), 3 times higher than the same period in 2020 and nearly 2 times higher than the business plan approved at the last April General Meeting of Shareholders. For the third quarter of 2021 alone, BSC's operating revenue reached nearly VND320 billion (USD14 million), profit before tax reached VND129 billion (USD5.6 million), 1.6 times higher than the same period last year. BSC's business results grew well in all three business segments: brokerage and margin lending, financial consulting, and proprietary trading thanks to successfully capturing opportunities when the market increased strongly in both liquidity and market share. Brokerage and margin lending continued to be a prominent contributor with revenue of VND560 billion (USD24.3 million), followed by proprietary trading with VND285 billion (USD12.4 million) and financial consulting with VND59.5 billion (USD2.9 million). For the rest of the year, BSC is set to continue to implement large consulting projects, promising to contribute positively to the company’s revenue in 2021.
partners
Manh Hai
BIC among Top 100 excellent brands in Vietnam Voting criteria included creativity, innovation, the application of digital technology in production and business activities, corporate restructuring, and adjustments and changes to corporate governance models to meet the needs of customers and markets and the requirements of the new context.
BIC representative receives the Top 100 excellent brands certificate from the organizer
On 13 October, at the “Vietnam Excellent Brand Awards 2020-2021” held by VnEconomy, Vietnam Economic Times, and the Vietnam Union of Science and Technology Associations (VUSTA), BIDV Insurance Corporation (BIC) has been honoured among Top 100 excellent brands for the 10th time.
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he "Vietnam Excellent Brand" has been launched by Vietnam Economic Times since 2003 and has been well received by a large number of businesses and entrepreneurs across the country. This year program honors the efforts, resilience and perseverance of businesses and entrepreneurs towards overcoming the challenges of the Covid-19 pandemic. It also honors enterprises' continued innovation, proactive adaptation to, and strong digital transformation for quick recovery of production and business activities and ensuring good employment policies, active contribution to the community and society.
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The Top 100 Vietnam Excellent Brands 2020-2021 have been surveyed and evaluated based on enterprises’ registration documents, as well as nominations by business associations, industry, branding experts nationwide and the editorial board, readers of Vietnam Economic Times. The enterprises in these industries have persistently built their brands over the years and have become reputable suppliers of products and services in Vietnam. Despite the Covid-19 pandemic which has negatively impacted the entire economy in general and the insurance market in particular, BIC has sustained positive business performance. Recently, Forbes Vietnam Magazine has named BIC as one of the 25 leading financial brands in Vietnam in 2021, with a brand value of USD10 million. According to the latest Vietnam Report, BIC is one of the 6 most prestigious insurance companies in Vietnam, among Top 500 most profitable enterprises in Vietnam.
Policy update
Minh Anh
New regulations effective October 2021 Supporting startup SMEs; support policy for employees and employers affected by the Covid-19 pandemic; and classification of assets, risk provisioning levels are new regulations taking effect this October.
The government’s Decree No. 80/2021/ND-CP dated 26 August 2021 on the implementation of a number of articles of the Law on Support for Small and Medium-Sized Enterprises. The Decree takes effect on 15 October 2021. According to the Decree, a small or medium-sized enterprise shall be provided with the following support on technologies: support up to 50 percent of the value of the appropriate technology transfer consultancy contract, but not exceeding VND100 million (USD4350)/contract
per year; support up to 50 percent of the value of the contract for consulting digital transformation solutions for enterprises in terms of business, administration, production and technology processes and transformation of business model, but not exceeding VND50 million/contract per year and VND100 million/contract per year, respectively; etc. Concurrently, a small or mediumsized enterprise shall be provided with support to cover 100 percent of total expenses of a training course on business startup and up to 70 percent of total expenses of a training course on corporate governance for small-
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and medium-sized enterprises; be exempted from fees for accessing and attending online lectures available on the online training systems of the Ministry of Planning and Investment and provincial-level People’s Committees; etc. Besides, innovative startup SMEs, SMEs participating in industrial linkage clusters and value chains shall be provided with interest rate support by the state budget when borrowing loans for medium or long term at credit institutions to carry out the production and business plans and projects.
Policy update
The government’s Resolution No. 116/NQ-CP dated 14 September 2021 on the support policy for employees and employers affected by the Covid-19 pandemic from the Unemployment Insurance Fund Accordingly, employees affected by the Covid-19 pandemic shall receive support in cash from the Unemployment Insurance Fund’s surplus balance, in which, the supporting amount shall be based on the unemployment insurance premium payment period during which the employee has not yet received any unemployment allowance.
State Bank’s Circular No. 11/2021/TT-NHNN dated 30 July 2021 on the classification of assets, risk provisioning levels and methods and use of provisions for handling risks in operations of credit institutions and foreign bank branches. This Circular takes effect on 1 October 2021. Accordingly, a credit institution or foreign bank branch shall classify loans into the following 5 groups: Group 1 - Pass; Group 2 - Special mention; Group 3 - Sub-standard; Group 4 - Doubtful; Group 5 - Loss. The classification of loans must fully satisfy the following requirements: Having an internal credit-rating system suitable to its business operations, customers and types of risk of loans, and having tested this system for at least 01 year; having a risk provisioning policy; etc. Besides, a credit institution or foreign bank branch shall use risk provisions to handle risks in the following cases: Its institutional customers are dissolved or go bankrupt under law or its individual customers are dead or missing; Loans are classified into group 5 (Loss). After a minimum period of 05 years, from the date of using provisions to handle risks and after taking all measures to recover unrecoverable debts, credit institutions, foreign bank branches shall be allowed to decide to release the risk-handled debt off the off-balance sheet.
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Employees eligible for this support are those who are paying unemployment insurance premiums as of 30 September 2021 (excluding some subjects) and those who have stopped paying unemployment insurance premiums due to the termination of labor contracts or working contracts in the period from 1 January 2020 to the end of 30 September 2021, with the unemployment insurance premium payment period reserved in accordance with the law on employment, excluding persons who are enjoying monthly pensions. Besides, employers that have been paying unemployment insurance premiums before 1 October 2021 as prescribed are allowed to reduce the contribution rate from 1 percent to 0 percent of the monthly wage fund of the employees obliged to participate in unemployment insurance.
products & services
Hu y en Trang
A comprehensive product package for BIDV’s small traders account number of their choice valuing up to VND50 million (USD2200) until the end of 31 December 2021; Cash gift of VND66,666 (USD3) for the first 120,000 new customers, and a voucher combo (Vnshop/QR/Phone Topup) worth VND250,000 (USD11)/customer when registering SmartBanking and making transactions. BIDV also supports free installation of VietQR tentcard - enabling quick transfer without making direct contact and entering account numbers.
Launched on 5 October 2021, BIDV’s small business package with plentiful outstanding advantages will help customers overcome challenges when recovering their business after the pandemic outbreak.
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o register for this package, instead of a business registration certificate, household businesses and small traders only need to submit evidence for their business activities. Many household businesses, small traders face huge challenges recovering their business after 5 months of social distancing due to the Covid-19 outbreak. High input costs and unstable customer base make many small traders suffer from great losses, especially those in the South.
With a commitment to accompany all customers, BIDV will continue to bring attractive products and services to meet customers’ diversified needs. Many supporting packages have been offered to the market but it takes time for business households to absorb. BIDV’s small business package is a basic and comprehensive solution to the challenges faced by business households for recovering their business. Accordingly, when registering for the small business package, customers can enjoy the B-free service and waiver of various transaction fees such as transfer fees, account management fees and SmartBanking maintenance fee, etc., thereby saving operating costs. With this package, customers can also apply for business loan with preferential interest rates from 5.3%/ year only in 2021 and a credit card with a limit of up to VND100 million, further funding their working capital. In particular, various gifts will be offered to customers, including: A free
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4 ways to register for BIDV SmartBanking online and receive a preferential combo of VND300,000: 1. For customers who have not had a CIF at BIDV, please register on the App using eKYC by following guidance on this video: https://youtu.be/jLVrHXMcuTU. 2. For customers who have had a BIDV ATM card, please register on the App and authenticate using ATM card pin. 3. For customers who have had a CIF at BIDV, please register on the App and authenticate using a set of security questions. Download App and register now at: https://bit.ly/SmartBankingmoi. 4. Register online via BIDV’s website at: https://ebank.bidv.com.vn/DKNHDT/ dkbsb1.htm.
products & services
Thu Oanh
Receiving money with Ria BIDV introduces a new international money transfer service with Ria Money Transfer across its network of 1,060 transaction points.
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rom 15 October 2021, BIDV customers can receive funds sent through Ria Money Transfer’s extensive network worldwide and collect them from any BIDV transaction point nationwide. With a network of more than 490,000 locations across 165 countries across the globe, Ria is a business segment of Euronet Worldwide, Inc. (NASDAQ: EEFT) and a global leader in the crossborder money transfer industry. Through this cooperation, BIDV brings customers with outstanding international money receiving service which offers many advantages such as: receiving money within minutes; quick and simple procedures, and receiving money free of charge. To promote the new service, within 3 months from 15 October to 15 December 2021 customers will receive a cash bonus of VND100,000 (USD4.3) right after receiving remittance via Ria money transfer at BIDV transaction points (applicable to the first 500 transactions). How to receive a money transfer sent through Ria Money Transfer: Step 1: The sender makes a transaction
from a Ria location overseas and receives a unique eleven-digit PIN. The sender provides the payment information to the beneficiary. Step 2: The beneficiary goes to the nearest BIDV transaction point, presents a valid identity document, and completes the Ria Receipt Form with the full transaction details to collect the money completely free of charge. With 65 years of development, an extensive network and employing the latest technology platform, BIDV helps
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customers and their loved ones receive money easily and quickly. Valid identity documents required to receive money at BIDV include: • For foreign citizens: Valid passport with a valid visa or other valid authorized documents issued by a competent Vietnamese agency. • For Vietnamese citizens: Valid identity card/Citizen ID card/Passport issued by a competent Vietnam agency.
lifestyle
Ho a ng Nguyen
The longest wooden bridge in Vietnam
Known as the longest wooden bridge in Vietnam, Ong Cop bridge offers travel and photo enthusiasts a spectacular natural scene.
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ng Cop bridge is located in Phu Yen, a coastal province in the South Central Coast of Vietnam. It is the land of beautiful beaches, and other spectacular landscapes such as Ghenh Da Dia (Da Dia reef), O Loan lagoon, Mang Lang stone church, among others. The bridge was built in 1999 as a shortcut linking villages in the north of An Ninh Tay in Thuy An district with Song Cau town, crossing Binh Ba River. The locals named the bridge “Ong Cop” (Tiger God) as they worship a shrine nearby to cure diseases and drive evil away. With a length of over 800 meters, this is the longest wooden
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bridge in Vietnam. Wandering on this wooden bridge, visitors can catch the images of the boat men rowing a net, children bathing in the river or hard women cycling across the bridge. With rustic and charming beauty,
lifestyle
this wooden bridge is not only a path for local people to travel but also a destination for the young and photographers to check in. The bridge is only designed for motorcycles and pedestrians. For years, Ong Cop bridge has been a frequent feature on Instagram
and many other photosharing platforms in the world. This is not only a daily route of over 1000 families but also a famous tourist destination. Visitors can choose the time of sunrise or sunset to take wonderful pictures of the bridge. The bridge is also a shortcut to beautiful sites in Phu Yen like the Da Dia reef (8km away), the old Mang Lang stone church, and O Loan lagoon.
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How to get to Ong Cop bridge: Ong Cop bridge is about 35km from Tuy Hoa city center. From the city, go along Le Duan street and go straight to Petrolimex 17 gas station and turn right to see An Hoa People’s Committee. Go straight to An Hoa bridge towards National Highway 1A, you will see a signpost showing the way to the bridge.
lifestyle
Wild beauty on top of
Eo Chim Pass
Eo Chim Pass is on the border between Tay Tra and Tay Bong districts in Quang Ngai Province. The pass looks like a silk strip stretching over mountains.
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ou don’t have to win a green jersey of the Tour de France to enjoy mountain biking. However, to this class of bikers, riding their bikes on zigzag passes is among the most thrilling parts of the game. In Vietnam, Eo Chim Pass in Quang Ngai Province, some 800 kilometers north of Ho Chi Minh City, may be a place of choice for cyclists who are fond of wonderful panoramic views.
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Eo Chim, literally the “waist of a bird,” is a pass separating two districts of the province. On the way, bikers may contemplate spectacular landscapes characterized by cliffs in various shapes. What bikers should do then is take a deep breath to feel pure air flowing in to refresh their lungs. The weather on the pass is cool even in summer. Additionally, bikers may be
lifestyle
enchanted by streams boasting their cool, pure water The sides of the pass are dotted with houses of families of Cor, a local ethnic people. Interested cyclists may stop for a while to talk to local people. Such conversations will reveal the connections among human beings and between them and nature. Cor children with their innocent eyes may not fully understand the passion of the strangers on their bikes when talking with them. Yet, it is the kids’ residence that is the most admired beauty on the pass. Local wild vegetables and herbs are as simple as the Cor people are, and the visitors will be treated with these local specialties. Some are tasty, which are sold along the way. (Source: Saigon Times).
Cor ethnic people in their traditional custumes
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CSR
Ho a Quynh
Meals for disadvantaged people in Hanoi BIDV, the program with the message “Hanoi’s Love - BIDV’s Heart” is expected to give at least 18,000 free meals (worth VND30,000 each) to the disadvantaged people and poor patients in the City. In particular, the program also supports free meals for people from the Southern provinces traveling through Hanoi on the way back to their hometown.
BIDV donates 18,000 sets of meals to the disadvantaged people
Following various campaigns to join hands in taking care of people affected by the Covid-19 pandemic, BIDV has offered 18,000 sets of meals to Hanoi Youth Union under phase 5 of the program “Million Meals - Hanoi’s Love”.
one is left behind. The program aims to give free meals to those in need, including the elderly, poor patients, the unemployed, the homeless, etc. who are living in the City. After the first 4 phases of the program, 170,000 meals had been offered. In the phase 5, with the companionship of
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n the afternoon of 8 October 2021, BIDV’s representatives presented 18,000 meals to the program’s Organizing Committee, continuing to affirm BIDV’s responsibility to the community and spreading the message of “Hanoi’s Love - BIDV’s Heart”. The program “Million Meals - Hanoi’s Love” was organized by Hanoi Youth Union in response to the call of Hanoi People’s Committee on mobilizing the synergy of the whole political system in the fight against the pandemic, taking care of the citizens so that no
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As a leading financial institution in the country, BIDV has carried out many social security programs during the fight against the pandemic, such as: Funding for the Covid-19 Vaccine Fund; emergency support for localities, medical facilities and healthcare workers; support in kind to help people overcome difficulties caused by the pandemic; support disadvantaged students in the program “Internet connection and computers for children”... Since the beginning of 2020, BIDV has offered over VND250 billion as direct support for the pandemic prevention and control.
