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BIDV and Vietnam Post bolster comprehensive cooperation
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Mr. Le Ngoc Lam, CEO of BIDV (left) and Mr. Chu Quang Hao, CEO of Vietnam Post shake hands at the signing ceremony
BIDV and Vietnam Post cooperate to deploy payment intermediary products and services to bring outstanding quality and superior experience to customers.
On 5 November 2021 in Hanoi, BIDV and Vietnam Post Corporation (Vietnam Post) signed a comprehensive cooperation agreement. Under the cooperation agreement, BIDV and Vietnam Post will bolster cooperation, optimally exploit the strengths and potentials of each party in accordance with provisions of law. In particular, in the context of the volatile market due to the serious impacts of the Covid-19 pandemic, the cooperation between two large enterprises in the fields of banking and postal affirms the efforts of Vietnamese enterprises to recover, make breakthroughs, and develop sustainably, contributing to promoting the prosperity of the national economy.
Specifically, BIDV and Vietnam Post cooperate to deploy services such as collection and payment, financial document services, account services, salary payment services via BIDV accounts, payment intermediary products and services, in order to bring outstanding quality and superior experience to customers.
BIDV is committed to providing the most preeminent and modern banking and financial services, business consulting activities for Vietnam Post, facilitating production and business activities. BIDV will prioritize to use products and services provided by Vietnam Post and its member units with specific service quality and policies in line with BIDV's requirements.
The two sides are committed to cooperating, taking advantage of each other's network infrastructure to create new and useful products for society. BIDV is committed to offering Vietnam Post preferential cooperation policies when implementing licensed payment intermediary services (including e-wallet services, payment bank, sponsoring bank, e-payment gateways, collection and payment, electronic money transfer) and derivative services which are developed
on the basis of payment intermediary services in line with Vietnam Post’s demand.
At the signing ceremony, Mr. Phan Duc Tu - Chairman of BIDV's Board of Directors and Mr. Nguyen Hai Thanh - Chairman of Vietnam Post believed that, with a long history, large networks, number of staff and mutual cooperation, the two sides will maximize their strengths and diverse ecosystems to provide the best services to customers, aiming for sustainable development in the digital era. Vietnam Post can take advantage of BIDV's technological resources, and BIDV can also take advantage of Vietnam Post’s nationwide network of service points which are rolled out to villages, communes and islands, especially in areas that are difficult to access financial and banking services.
The signing of the comprehensive cooperation agreement affirms the strategic cooperation relationship between BIDV and Vietnam Post, demonstrating the determination to successfully implement the digital transformation strategy of both parties. This helps create favorable conditions and opportunities for people to access basic financial services and modern banking services, contributing to the realization of the objectives of the national financial inclusion strategy. With a history of more than 64 years of establishment and development, BIDV has become the largest commercial bank in Vietnam in terms of total assets. As of 30 September 2021, BIDV’s total assets reached VND1.68 quadrillion (USD74 billion). BIDV’s operations cover banking, insurance, securities and financial investment with a network of nearly 1,100 transaction points and commercial presences in 6 countries and territories. BIDV is serving over 12 million customers, establishing partnerships with 2,300 financial institutions globally. For years, BIDV has been in the list of Top 2,000 largest companies in the world (Forbes); Top 300 most valuable banking brands globally (Brand Finance), Top 10 largest enterprises in Vietnam, 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.
Vietnam Post is the sole enterprise in Vietnam assigned by the State to provide public postal services nationwide and to conduct postal exchanges with all countries in the world. In addition, with a wide network of 13,000 service points, nearly 70,000 employees, and experience in implementing postal financial services, developing technological platforms for payment intermediaries, Vietnam Post is set to deeply involve in providing digital financial services, contributing to changing customers' payment methods and habits, contributing to the comprehensive financial system.
