BIDV-SuMi TRUST Leasing: 5 years moving forward

Dzung Pham

The management team of BSL

BIDV-SuMi TRUST Leasing Co. Ltd (BSL) turns 5 in 2022. Over the past five years, the company has rendered relentless efforts, overcoming enormous challenges for start-ups, especially joint ventures. BSL is ready to make greater strides on the path ahead.

BE BETTER EVERY DAY

It took BSL’s establishment project unit nearly a year to prepare for and complete licensing procedures for the operation approval by the State Bank of Vietnam. On 8 September 2017, the opening ceremony of BSL was held in Hanoi under the presence of leaders of the State Bank of Vietnam, senior executives of BIDV and Sumitomo Mitsui Trust Bank (SuMi TRUST). The event marked a significant milestone in the company’s history, and unlocked potential for financial leasing activities in Vietnam. The establishment of the joint venture BSL – the fruitful collaboration of the two leading financial institutions of Vietnam and Japan - is also expected to be a symbol of long-term relationship between the two countries.

As with new start-ups, the BSL ship was launched facing countless waves and storms. Its captain was required to stay focused and persistent to move forward regardless of unpredictable challenges over the past 5 years.

The early days were filled with many challenges such as language barriers, difference in business culture and practice, lack of human resources and capital as well as fierce competition from “big names” in the market and high expectation from customers. Nevertheless, those challenges could not impair the will of the BSL people. The company turned challenges into opportunities, working together to find solutions to them. With the spirit of "Being better every day", the company staffs have devoted every effort to finding the best solutions for its partners and the company itself.

FOSTERING AGILITY

The first 3 years of establishment is considered as a fundamental stage for

The opening ceremony of BSL in 2017

a company. If a company can overcome this stage, it means that they may grow sustainably afterward.

It can be said that BSL has successfully overcome this stage with a solid and appropriate business development strategy. The company has focused on risk management and governance system with policies and regulations close to advanced practices. Considering people development as vital to development, the company emphasizes on developing personnel with skills and knowledge to operate the system. BSL has successfully completed the goals set for the first 3 years, maintaining 2-digit growth and was profitable from the third year. It can be affirmed that BSL team has always adhered to the business principles and goals, followed the set path to overcome the early years of volatility and turned opportunities into profits.

As business situation showed signals of improvement since mid-2019 with BSL building a good system, enriching experiences in the market, and employing a qualified human resource, the Covid-19 pandemic has taken its toll on the economy and society as a whole. The global economy has never been in such a difficult situation.

At BSL, no business scenarios had been built for this unexpected pandemic. The company set a strong growth target in 2020 after 03 years of operation. 5 years of operation with 2 years of the pandemic, there are no words that can fully describe the feelings of the company leaders during that period. There is one thing that the agility has steered the “BSL ship” overcome all the difficulties and find new opportunities. BSL is now more mature and stable than ever as the world and Vietnamese economies are recovering from the pandemic.

LOOKING AHEAD

History can make BSL people proud and strong-willed, but it cannot guarantee a bright future. The will and consensus of those who are steering the “BSL boat” are powerful engines that bring the ship out to sea towards new horizons. There will be more “5 years” with new opportunities as well as new challenges.

There is a saying that “No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.” The world is changing every day, and everything is evolving to become better. BSL has defined new vision, new goals with new personnel joining the company. BSL said it is the decisive moment for the company to move forward with higher vision, act more aggressively to achieve challenging goals.

BSL with the support from BIDV and SuMi TRUST - the two leading banks of Vietnam and Japan is determined to reach further, operating sustainably and surpassing expectations. The strength from the core values of the company is the key to BSL to cement its position in the market.

The company has been profitable since 2019, just after more than 1 year of opening. As of 31 December 2021, BSL had employed 122 staffs, serving 430 customers with outstanding loans of VND2,700 billion (USD119 million). BSL has been provided large credit facilities from credit institutions both domestic and foreign.