Type State-owned Total assets $18.8 billion USD | Net income $70 million USD CEO Phan Duc Tu (1 May 2012–) | |
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Key people Phan Đức Tú, CEOTrần Anh Tuấn Chairman Products Transaction accountsInsurancestock brokerageInvestment bankAsset-based lendingConsumer financeTradeInternational paymentsForeign exchange Motto Cooperation for mutual development Founded 26 April 1957, Hanoi, Vietnam Profiles | ||
The Joint Stock Commercial Bank for Investment and Development of Vietnam (Vietnamese: Ngân hàng Thương mại Cổ phần Đầu tư và Phát triển Việt Nam) is a large state-owned bank in Vietnam. It is the country's number one bank in net income ($70 million USD) and the second biggest bank by assets ($18.8 billion USD) as of 2012, behind Agribank. According to the United Nations Development Programme report on the 100 largest enterprises in Vietnam, BIDV came in at the 4th position after Agribank, VNPT, and EVN.
BIDV received Asia Risk Magazine's House of the Year Award for being at the forefront of the country's economic development by modernising its risk management and developing new financial products such as energy derivatives hedges.
History
BIDV was established on 26 April 1957 as the Bank for Construction of Vietnam (Ngân hàng Kiến thiết Việt Nam), under which name it operated until 24 June 1981, at which point it changed its name to the Bank for Investment and Construction of Vietnam (Ngân hàng Đầu tư và Xây dựng Việt Nam). It adopted its present name on 14 November 1990.
In January 2007, the Vietnamese government announced that it would sell a minority stake in the BIDV and three other banks. In March of that same year, they sought the government's permission to invest in highway projects. In September, they announced that they would form Vietnam's first aircraft finance group in Hanoi in a joint venture with Vietnam Airlines, PetroVietnam, and Vietnam Post and Telecommunication.