The Bank for Investment and Development of Viet Nam (BIDV) and the Viet Nam Post and Telecommunications Group (VNPT) signed a co-operation agreement for the 2016-20 period on March 30.
Under the agreement, BIDV committed to finance VNPT’s and its member companies’ projects with total funds of VNĐ25 trillion (US$1.1 billion). It will also provide VNPT with the modern banking and financial services at competitive prices.
The bank pledged to prioritise the use of technology and telecommunications services provided by VNPT in its operations and for its banking administration and sustainable development initiatives.
For its part, VNPT with its member units and subsidiaries will increase the use of BIDV’s credit products and non-credit products as well as other services, such as insurance, bond distribution consultancy, cash flow management and brand development, at each other’s transaction points to promote and enhance the business performance of both bodies.
BIDV earned more than VND7 trillion in pre-tax profit ($315.2 million) and had total assets worth VND857 trillion in 2015. Meanwhile, VNPT, one of the country’s leading telecom operators, had 33.7 million telephone subscribers at the end of last year, of which, mobile subscribers reached 29.7 million, an increase of 3.3 million subscribers compared to the end of 2014.