BIDV – 65 years
Yen Van
Deepening international cooperation comprehensive friendship between Vietnam and Laos. The same year, BIDV partnered with QBE Insurance Company Limited (Australia) to establish Vietnam Australia Insurance Company, and then bought all shares of this joint venture to establish BIDV Insurance Corporation (BIC) wholly owned by BIDV in 2005 - an unprecedented event in the country at the time.
BIDV and ADB sign a USD300 million loan agreement in 2018 in Hanoi
With more than 30 years of international integration and cooperation, BIDV has now become the largest financial institution in Vietnam, establishing extensive international relationships.
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ver the 65-year journey of establishment and development, experiencing many difficulties and challenges, BIDV has been creative and proactive in finding opportunities in difficulties, continuously reaching out for cooperation and development in the international market. In 1990, BIDV was first allowed by the State Bank of Vietnam to conduct foreign exchange business, international payment, open accounts abroad, and borrow capital in foreign
currencies. In 1992, BIDV started to establish correspondent relationships with banks of Singapore, Malaysia, Japan, and opened foreign currency accounts in USD, Japanese Yen, Pound, and Franc at European and Asian banks. One of the landmarks in the bank’s international business activities during this period was the partnership with Public Bank Berhad Malaysia to establish VID Public Joint Venture Bank in 1992. Through the joint venture, BIDV acquired advanced foreign banking techniques to bring BIDV's operations on par with the level of advanced banks in the world. In 1999, BIDV cooperated with Banque Pour Le Commerce Exterieur Lao Public (BCEL) to establish Lao-Viet Joint Venture Bank based in Laos. The bank has become a symbol of economic cooperation, solidarity and special and
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B I D V r e vi e w
BIDV continued to expand and cement its position and prestige in international cooperation through a series of joint venture projects: cooperating with Singapore's Bloomhills to establish a BIDV Tower Joint Venture in 2005 which built BIDV headquarters in the heart of Hanoi capital; partnering with the Foreign Trade Bank of Russia (VTB) to establish Vietnam-Russia Joint Venture Bank in 2006 which has connected the bilateral payment systems and become a symbol of cooperation between Vietnam and Russia; partnering with Vietnam Partners (USA) to establish BVIM Investment Management Company in 2006. In 2013, BIDV forged cooperation with MetLife Inc. - the leading life insurance group in the USA - to establish BIDV MetLife Life Insurance Limited Liability Company, contributing to the expansion of BIDV's insurance activities in both life and non-life business. Another important milestone in the insurance industry is that in 2015, BIDV successfully sold strategic shares at BIC to Canada’s Fairfax Holdings.
