BIDV Review 10

A Newsletter of Bank for Investment and Development of Vietnam JSC Issue No. 10 | Nov 2015

New approach to Northeast asia

Vietnam-russia: Trade cooperation opens doors

EXECUTIVE PRODUCER

QUACH HUNG HIEP

senior executive Vice President

EDITORIAL BOARD

BRANDING AND PUBLIC RELATIONS DEPARTMENT

HEAD OFFICE:

BiDV tower, 35 hang Voi str., hoan Kiem dist., hanoi, Vietnam

tel: (+84) 4 22205544

Fax: (+84) 4 22225316

Contact center: 19009247 – (+84) 4 22200588

email: [email protected]

www.facebook.com/BiDVbankvietnam

License No. 14/GP-XBBt dated 11 February 2015 by the

Ministry of information and Communications

Printed at Vietnam Book Printing Joint stock Company

Bank for Investment and development of vIetnam JsC

ABOUT BIDVestablished in 1957, BiDV has grown to become one of the leading commercial banks in Vietnam. the bank boasts subsidiaries in finance, banking, securities and insurance. BiDV has expanded its business to the international market, with investment in Laos, Cambodia, Myanmar, the Czech republic, and russia. By the end of september 2015, BiDV’s total assets were VND786 trillion (UsD35.5 billion). BiDV stock (BiD) is listed on the ho Chi Minh City stock exchange (hose). For more information, please visit www.bidv.com.vn

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NEditor’s Letter

ministries, authorities, economists, and investors from both Vietnam and Taiwan (China). On November 23, BIDV celebrated the grand opening of its representative office in Taipei.

In Vietnam, BIDV and ANZ Bank Vietnam co-hosted a forum on the country’s beef and dairy industry, along with Meat and Livestock Australia. The forum provided opportunities for businesses to connect, learn about the beef and dairy industry in Vietnam, and seek business opportunities within the industry.

In this issue, we will present BIDV’s contract signings with China Development Bank and with Vinacomin - Vietnam’s coal and mineral conglomerate as well as a memorandum of understanding with Japan’s Hiroshima Bank.

This month BIDV was honoured to receive the Vietnam Outstanding E-banking Award and the Community Bank Award. BIDV is the sole bank in Vietnam to receive the E-banking award two years in a row.

As usual, we will bring you a glimpse of some of the stunning landscapes in this beautiful country: Da Lat, the city of flowers and love, and Ha Giang- home to the famous buckwheat flowers.

Dear readers,

ovember began for BIDV with a host of events and activities both locally and abroad.

In Japan, BIDV collaborated with the Vietnamese and Japanese authorities to hold a workshop on promoting investment and tourism between Gifu and Vietnam’s localities. At this forum, BIDV committed to setting aside a significant amount of long-term credit for mechanical engineering, new technology, high technology, the support industry as well as tourism promotion.

In Moscow, BIDV held a Global Vietnamese Entrepreneurs Conference, aiming to provide opportunities for Vietnamese businesses and entrepreneurs to expand their business operations in Russia.

As well as this, BIDV and Russia’s VTB Bank worked with ministries of the two countries to organise the Vietnam – Russia Economic Forum, aimed at bringing together and fostering connections between importers and exporters of the two countries.

In Taiwan (China), BIDV worked with the Vietnamese Economic and Cultural Office in Taipei to hold the Vietnam – Taiwan Economic Forum, with the participation of over 500 delegates representing

Sunflowers in Nghe An Province, Vietnam

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contents

InternatIonal Investment4. Trade cooperation opens doors

6. Global connections for Vietnamese entrepreneurs

8. Cardholders reap benefits under new system

BIDv HIgHlIgHts16. Enhancing human resources

18. Credit and capital for coal conglomerate

9. Rapid transfers, reduced risk

10. Taiwanese investors set their sights on Vietnam

12. New approach to Northeast Asia

13. MOUs inked with Japanese banks reach 22

14. Vietnam and Gifu–cooperation to benefit all

20. Making headway in the beef and dairy industry

23. Bulgarian Vice President visits BIDV

24. BIDV signs USD200-million facility with CDB

26. Quang Tri attracting investors

27. BIDV receives top awards

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contents

ProDucts & servIces38. VND12,000-credit package and gifts from BIDV

Partners28. Increased presence for BIDV MetLife

29. Da Nang flying high

30. BIDV makes Phu Quoc villas affordable

31. Supporting Tasco infrastructure projects

31. BIDV accompanies on Vafco development

market movements32. Vietnam’s economy making great strides

34. Bank profits bounce back for 2015

36. Fitch affirms Vietnam at ‘BB-’ with stable outlook

37. AEC – a thriving business community

38. BIDV’s consumer loan promotion

39. Rewards for deposit customers

39. Enjoy savings at BIDV

lIfestyle40. The city of eternal spring

42. Valley of flowers

csr44. Music brings joy to patients

44. End-of-life care for Vietnamese heroines

international investment

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Participants at the Vietnam-Rusia Business Forum in Moscow, Russia

trade cooperationopens doors

Hong vinH

The Vietnamese Ministry of Industry and Trade and the Ministry of Economic Development of the Russian Federation in collaboration with BIDV and Russia’s VTB Bank organised this year’s Vietnam – Russia Economic Forum. With a theme of Promoting Trade Cooperation and Bilateral Payment in Moscow, the forum, held on November 12, attracted more than 500 delegates representing 350 Vietnamese and Russian businesses.

benefits of the Vietnam-Russia bilateral payment channel; and provide answer to businesses’ questions on payment between Russia and Vietnam.

The forum reviewed the trade cooperation between the two countries, highlighting opportunities as well as challenges that have hindered trade between the two thus far. Trade relations of the two countries, despite the good growth in recent years, are not sustainable and are currently incommensurate with both countries’ potential. Since 2014, the bilateral trade turnover between Vietnam and Russia has tended to decline. Therefore, the two-way trade turnover

The forum aimed to bring together and foster connections between importers and

exporters of the two countries; create opportunities for businesses to meet and seek opportunities for cooperation; introduce opportunities and benefits of commodity export once the FTAs take effect; introduce


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goal of USD10 billion by 2020 presents a significant challenge.

However, as well as difficulties, the economic and trade cooperation between Vietnam and Russia also holds great potential and significant opportunities. Vietnam is so far the only Asian country to sign a free trade agreement with the Eurasian Economic Union. This FTA, in which Russia plays a pivotal role, is expected to take effect from early 2016 and will open great opportunities for both Vietnam and Russia in terms of trade.

Based on the actual needs of businesses and in order to prepare for opportunities arising from the FTA, BIDV worked with VTB and Vietnam Russia Bank (VRB) to develop a bilateral payment channel in local currency in order to remove obstacles

in import and export payment. This has created a smooth payment channel, as well as contributing to facilitate trade between the two countries. Both BIDV and VRB have been approved by the State Bank of Vietnam to deploy this channel.

Mr. Tran Bac Ha, Chairman of BIDV, said: “BIDV has been chosen by the leaders of the two countries to implement the payment channel based on our knowledge and experience. BIDV and VTB are currently the only banks of the two countries that have cooperated, in establishing Vietnam-Russia Joint Venture Bank. We are very experienced and knowledgeable in our markets, have a good customer base and offer specific products for the payment channel”.

The features of the payment channel

include assurance for businesses of the two countries of the exchange rate risk. Businesses can determine the efficiency of their business plan from the signing of the contract through the use of hedging products and banking products of the bilateral payment channel. In addition to commonly used currencies such as USD, businesses of the two countries can use their local currencies with faster processing time. Furthermore, businesses will be able to select partners in Russia and Vietnam through the diverse corporate customer bases of BIDV, VRB and VTB.

Mr. Do Thang Hai, Deputy Minister of Industry and Trade of Vietnam said, “The forum was organised at a very appropriate time, with the FTA between Vietnam and the Eurasian Economic Union signed in late May of this year and currently being ratified by the member states. Vietnam will have even more opportunities when it officially joins the TPP and forms bilateral and multilateral free trade agreements, which will take effect in the coming years”.

Mr. Nguyen Thanh Son, Vietnam's Ambassador to the Russian Federation commented: “The forum will open opportunities in trade and investment for Vietnamese and Russian businesses. It is the largest ever event for the business communities of these countries. The success of the forum will have a significant, positive impact on the political, diplomatic, and economic relations between Vietnam and Russia, confirming Vietnam as a responsible country in the process of integration”.

Mr. Alexei Likhachev, Russia's Deputy Minister of Economic Development delivered a speech at the forum


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global connections for vietnamese entrepreneurs

commented: “Overseas Vietnamese communities now number roughly 5.2 million people, of which the second generation is becoming increasingly successful in all business areas. With these communities accounting for nearly 5% of the 90 million Vietnamese people, overseas Vietnamese communities have made positive contributions to the economic development of Vietnam. On remittances alone, overseas Vietnamese communities have

Early this month BIDV held a Global Vietnamese Entrepreneurs Conference in Moscow in collaboration with the State Committee for Overseas Vietnamese Affairs, the Embassy of Vietnam in Russia, and the Overseas Vietnamese Entrepreneurs Association. The conference aimed to provide opportunities for Vietnamese businesses and entrepreneurs to expand their business operations.

Mr. Tran Bac Ha, BIDV Chairman addresses the entrepreneurs forum in Moscow, November 2015

November 2015, aimed at promoting both Vietnamese businesses and the country’s products and services to the Russian market and its consumers. The event is also an opportunity to demonstrate the solidarity and support of businesses towards developing friendly relations between Vietnam and the Russian Federation, following the free trade agreement concluded by Vietnam and Russia in May 2015.

Mr. Tran Bac Ha, Chairman of BIDV

Mr. Nguyen Thanh Son, Vietnamese Ambassador to the Russian Federation and Mr. Do

Thang Hai, Deputy Minister of Industry and Trade in Vietnam attended the event, as well as more than 150 Vietnamese entrepreneurs from all around the world.

The Global Vietnamese Entrepreneurs Conference is an initiative from the Embassy of Vietnam in Russia and BIDV. It marks the first activity in a series of economic, trade and investment events in the Russian Federation taking place during

nguyen vinH


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contributed tens of billions of dollars annually. In 2015, remittances are expected to reach USD13 billion. On foreign direct investments in Vietnam, overseas Vietnamese businesses and entrepreneurs account for five percent of total projects and 3.8 percent of the total value of registered FDI projects. This demonstrates the increasingly important role played by overseas Vietnamese business communities.”

However, the participants also outlined that lack of cohesion, solidarity, mutual support and information sharing amongst overseas Vietnamese entrepreneurs as well as lack of strong and responsible support from Vietnamese regulators have acted as barriers to building a strong community.

Over the next five years, with fifteen free trade agreements taking effect, GDP growth is expected to continue stable growth at six percent annually.

With the impact from economic restructuring, Vietnamese businesses and entrepreneurs should have favorable conditions to expand their trade and investment.

Mr. Nguyen Canh Son, Chairman of the Overseas Vietnamese Entrepreneurs Association commented that the overseas Vietnamese businesses community in Vietnam hopes for greater solidarity and cooperation, in particular the role of state regulatory representatives in supporting and connecting Vietnamese businesses and entrepreneurs. As a businessman and developer of the Hanoi – Moscow Trade Center in Russia, Mr. Son is committed to providing practical and effective support to Vietnamese businesses conducting business in the Russian market.

Mr. David Nguyen, a Vietnamese businessman from the United States commented that the TPP concluded by

the Government of Vietnam in October 2015 would bring opportunities as well as challenges to Vietnamese businesspeople and require thorough understanding and careful preparation. He also expressed his hope that a Vietnamese bank would open in the US, to support payments and trade operations.

The representatives from the Vietnam Ministry of Industry and Trade and the State Committee for Overseas Vietnamese Affairs pledged to continue to promote activities associated with overseas Vietnamese businesses and entrepreneurs. Further, they showed willingness to share information with businesses and propose recommendations to the government and government agencies for resolution of difficulties and obstacles encountered by Vietnamese entrepreneurs, thereby contributing to the promotion of Vietnamese goods and products to the world.

Moscow, Russia


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The connection between Vietnam and Russia’s national card switching systems will bring

many benefits to both countries’ citizens, enterprises and commercial operations. Furthermore, it will encourage Russian people to make payments at POS, withdraw cash at ATMs and make other transactions in Vietnam using their domestic cards, whilst travelling and conducting business in Vietnam, and vice versa.

The connection also brings practical benefits to the national switching systems as it will help to reduce

significant transaction costs and other fees paid to international card systems, improve transaction processing speeds, and eliminate the dependence of both countries’ card payment system on international card organisations.

In general, the cooperation will create favorable conditions for investment activities, cultural exchange and tourism activities of both countries. The cooperation project will cement the direction and commitment of the leaders of both nations regarding the long-term comprehensive strategic cooperation between Vietnam and Russia.

cardholders reap benefits under new system

Based on the MoU and the imminent cooperation agreement, the two parties committed to prioritise resources for connection completion. It is expected that in the fourth quarter of 2016, ATMs and POS of Banknetvn and NSPK’s alliances will accept transactional cards.

BIDV and Russia's Foreign Trade Bank (VTB) will be the first two member banks to launch the service.

The trade turnover between Vietnam and Russia is forecast to achieve rapid growth, reaching USD10 billion by 2020. In addition, the number of Russian tourists to Vietnam is expected to grow by an average of 70 percent per year. Therefore, card payment system connection between Banknetvn and NSPK will bring significant practical benefits to citizens of both countries as well as promoting bilateral trade cooperation.

Mr. Vladimir Komlev - CEO of NSPK (R) and Mr. Nguyen Quang Minh – Deputy General Director of Banknetvn signed the MoU

Under the framework of Vietnam-Russia Business Forum, on November 12 Vietnam National Financial Switching Joint Stock Company (Banknetvn) and the Russian National Payment Card System (NSPK) officially signed a Memorandum of Understanding (MoU) to connect the card switching system between the two parties, meeting the demands of cardholders from both nations.

vinH Hong


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rapid transfers to Russian customers’ accounts, within one day?

The payment speed through this channel is higher than through existing payment methods as it is conducted directly between Vietnamese and Russian banks. Customers holding accounts at both BIDV and VTB will receive transferred cash within a day. For customers holding accounts at other local banks, the transfer will take a maximum of two days. This will depend on the location of the beneficiaries’ banks as Russia is spread over nine different time zones.

Does the cost differ when making the same transaction at BIDV or VRB?

The transaction fees offered by BIDV and VRB are basically the same. In the first year of implementation of the bilateral payment channel, BIDV and VRB will offer free payment for customers making VND-denominated transactions.

How much does it cost corporate customers to use the bilateral payment channel between Vietnam and Russia?

The new channel will reduce the cost for customers compared to the existing payment method, as it diminishes the need for intermediary agencies. Additionally, customers can enjoy the service package from BIDV for exporting firms to Russia. This package includes reduction in interest rates, payment and cash transfer fees, with more competitive rates when customers use VND or Ruble.

When will this channel come into operation?

The channel will become effective in Q4/2015.

Is the payment channel able to make

rapid transfers,reduced riskBIDV, Vietnam - Russia Joint Venture Bank (VRB) and the Russia’s Foreign Trade Bank (VTB) co-organised the Vietnam-Russia Business Forum. The forum aimed to provide information about Vietnam and Russia’s bilateral payment channel, as well as offering a Q&A session, where guests and delegates of the two countries had an opportunity to interact and share their concerns. Here BIDV Review briefly introduces a broad view of the Q&A session. How will BIDV define the exchange

rate for RUB/VND?

The RUB/VND exchange rate has not yet been officially announced by the State Bank of Vietnam. Therefore, BIDV will define the rate based on the best transaction exchange rate with partners on the international and domestic market to use in transactions with domestic customers.

How can enterprises hedge against exchange rate risk when making payments with Russian partners?

To hedge risk, corporate customers can use derivative products. These products will help customers to define the exchange rate for their future payments at the time when they sign the contract. Customers can also plan their financial costs and prepare their business plan to ensure stable business operations.

tHanH tu

A Q&A session in the Vietnam - Russia economic forum


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In November, BIDV in collaboration with the Vietnam Economic and Cultural Office in Taipei, Taiwan held the Vietnam – Taiwan (China) Economic Forum. Over 500 delegates attended, representing ministries, authorities, economists and investors of Vietnam and Taiwan (China).

taiwanese investors set their sights on vietnam

cong cHung

The forum was held in the context of the international economic cooperation. Vietnam

continues to further integrate with the world economy by participating in 15 Free Trade Agreements (FTAs). Taiwanese businesses are tending to increase their investments in Vietnam, taking advantage of opportunities in the Vietnamese market. This wave of investment holds promise for economic development and cooperation between the two economies.

Vietnam successfully concluded negotiations on Trans-Pacific Partnership Agreements and Free Trade Agreement between Vietnam and European Union. Additionally, the ASEAN Economic Community (AEC) is set to officially open to a wider regional economic space.

At the forum, the Vietnamese representatives provided

comprehensive information on the issues which Taiwanese investors are interested in. These included the macro-economy; incentives and advantages for foreign investors; the amended Real Estate Law: home-buying policies, real estate laws for foreigners; and mechanisms and policies on investment in transport infrastructure projects in Vietnam in the form of PPP and BOT.

The Taiwanese representatives also analysed the prospects for economic cooperation between the two economies and introduced the areas of strength and interest of Taiwanese businesses.

BIDV further introduced the possibility for cooperation and provision of capital and financial and banking services to Taiwanese investors, and Vietnamese businesses who are partners of Taiwanese companies.

Vietnam – Taiwan Economic Forum in Taipei, November 2015


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Also at the forum the signing of cooperation agreements covering several different fields took place. These included agreements between Vietnam’s Suntravel and Taiwan’s Uniplan on tourism; Vietnam Automatic Toll Collection JSC and Taiwan’s FETC on infrastructure; as well as An Phuoc International JSC and Taiwan’s Cherritex company on textile and garment.

Speaking at the forum, Mr. Jong-Chin Shen, Vice Minister of Economic Affairs of Taiwan commented that the forum was likely to bring more substantial cohesion and promote increased efficiency in economic cooperation between Vietnam and Taiwan (China). Mr. Shen also said that, with its experience and capacity, BIDV will contribute positively to the development of economic relations between Vietnam and Taiwan (China).

Mr. Tran Bac Ha, Chairman of BIDV,

As of September 2015, Taiwan (China) ranked fourth out of 105 countries and territories having investment projects in Vietnam, with 2,476 valid projects with a combined registered investment capital of USD29.4 billion. Currently there are some 300,000 Vietnamese people living and working in Taiwan, while some 30,000 Taiwanese professionals, entrepreneurs and labourers are working in Vietnam.

said: “BIDV’s strategy in Taiwan is to connect: banks with banks, businesses with businesses, banks with businesses and connect trade between the two economies. To realise this mission, BIDV initiated and coordinated with organizations to hold the forum. This marks the beginning, the premise for a more effective exchange and connection between Vietnam and Taiwan (China), helping to bring the businesses of the two economies closer, create one voice and work together for development”.

The successful Vietnam – Taiwan Economic Forum and the opening of BIDV’s representative office in Taipei confirm the prestige and position of BIDV and reflect the bank's commitment to the promotion of economic cooperation between Vietnam and Taiwan (China).

Over nearly three decades, economic relations between Vietnam and Taiwan

(China) have continuously developed, with bilateral trade growing 27 times, and Taiwan’s investment in Vietnam increasing 28 times.

Taiwan is Vietnam’s fifth largest trade partner. There are 11 branches and eight representative offices of 12 Taiwanese banks in Vietnam.

Vietnam – Taiwan Economic Forum in Taipei, November 2015


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In late November, BIDV inaugurated a new representative office in Taipei, Taiwan. The inauguration is the next step for BIDV’s integration plan and marks a new approach in the international monetary market.

Taiwan is a crucial market for BIDV. BIDV currently serves 200 out of 2,500 Taiwanese

enterprises investing in Vietnam. BIDV also partners with 20 Taiwanese financial institutions. Furthermore, BIDV’s major customers are interested in investing in or seeking cooperation opportunities with Taiwan.

To take advantage of opportunities when Vietnam integrates deeply into the global economy by participating in 15 Free Trade Agreements, Taiwanese enterprises are tending to increase their investment in Vietnam. This investment trend creates motivation to develop

cooperation between the two economies.

Based on this trend, and the economic, investment and commercial relationship between Vietnam and Taiwan (China), BIDV has conducted research and decided to establish a representative office in Taipei with the approval of both Vietnam and Taiwan’s regulatory agencies. BIDV is the first Vietnamese bank to open representative office in Taiwan.

BIDV’s representative is located in Song Chiang Street, Zhong Shan District – the bustling economic area of Taipei. The office’s main tasks are to collect relevant economic information and connect enterprises, as well as connecting the Taiwanese and Vietnamese markets. The office will provide Taiwanese customers with information about Vietnam’s economy, PPP investment, real estate, build–operate–transfer (BOT) projects such as transportation, as well as sectors relevant to the strengths of Taiwanese enterprises.

According to Tseng Ming Chung, Chairman of Taiwan's Financial Supervisory Commission, based on figures from Asian Development Bank, by 2050 Asia’s GDP will have increased by over 50 percent. Therefore, it is hoped that the establishment of BIDV’s representative office in Taiwan will encourage other Asia South Pacific countries to establish connections with or merge with Taiwanese banks.

Mr. Tran Bac Ha, Chairman of BIDV said that BIDV’s representative office would provide updated information and economic context to support Vietnamese and Taiwanese enterprises in their investments and help them to select suitable partners. BIDV hopes to tighten its relationships with Taiwanese financial institutions to attract idle cash flows from Taiwan to Vietnam.

BIDV also plans to establish a remittance joint venture company in Taiwan (China). The number of Vietnamese people living in Vietnam is increasing, and includes 100,000 Vietnamese women married to Taiwanese nationals as well as 200,000 labourers. The number of Vietnamese students in Taiwan is also growing. In the long-term, after thorough research has been conducted and evaluated, BIDV may open a bank branch in Taiwan.

new approach to northeast asia

PHan anHPHan anH

Opening ceremony of BIDV representative office in Taipei, Taiwan

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BIDV recently signed a Memorandum of Understanding (MOU) on cooperation with

Japan’s Hiroshima Bank. The MOU outlines the commitment of both banks to the provision of banking services to Japanese clients of Hiroshima Bank who are operating in Vietnam. Hiroshima Bank is the 22nd Japanese bank to sign a cooperation agreement with BIDV.

Attending the signing ceremony were Mr. Le Ngoc Lam, Senior Executive Vice President of BIDV, Mr. Hirota Tohru, Director and Senior Managing Executive Officer in charge of international cooperation of Hiroshima Bank as well as department leaders of both banks.

According to the MOU, Hiroshima Bank and BIDV will cooperate to provide banking products and services to Japanese businesses who are customers of Hiroshima Bank and have investments or conduct business in Vietnam. The two banks will cooperate to meet the diverse needs of these customers for financial and banking products and services.

In addition, the two banks will provide information and advice to customers regarding the business and investment

environment in Vietnam, Vietnamese laws for foreign investors in the field of banking and finance as well as opportunities for business connections.

Founded in November 1878, the Hiroshima Bank, Ltd. is a regional financial institution, with its headquarters in Hiroshima Prefecture. The bank operates primarily in Hiroshima and its three neighboring prefectures of Okayama, Yamaguchi and Ehime. In addition to 167

mous inked with Japanese banks reach 22

tran nguyen

branches and offices in Japan, the bank has representative offices in Shanghai, Bangkok and Singapore covering the entire area of China and Southeast Asia. Taking advantage of its extensive network, the bank provides comprehensive financial services including deposit taking, lending, money transfers, foreign currency exchange, and trustee services, along with investment trust sales, life insurance policies and other commercial banking activities.

Mr. Le Ngoc Lam, Senior EVP, BIDV, and Mr. Hirota Tohru, Director and Senior Managing Executive Officer, Hiroshima Bank sign the MOU



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Mr. Furuta Hajime, Governor of Gifu; Mr. Nguyen Manh Cuong, Ambassador Extraordinary

and Plenipotentiary of the Socialist Republic of Vietnam to Japan, and representatives of the VNAT and DFI were in attendance, as well as around 80 Vietnamese businesses and nearly 100 investors operating in all all fields, particularly Japanese tour operators.

The workshop provided an opportunity

vietnam and gifu–cooperation to benefit all

for Vietnam to, firstly, promote the image, culture and tourism industry of Vietnam to the business community and customers in the central provinces of Japan, contributing to the development of tourism links between the two countries; secondly, introduce Vietnam’s investment environment, incentive policies and new regulations to Japanese businesses and investors, helping attract investment capital from Japan; and thirdly, meet and

discuss opportunities for cooperation in the fields of tourism, agriculture, vocational training, trade and investment, as well as specific projects from Vietnam and Japan.

The workshop also assessed the trade cooperation situation between the two countries, focusing on prospects and potential for promoting investment and tourism between Gifu and Vietnam’s central provinces. Since diplomatic relations were established in 1973, connections between Japan and Vietnam are currently the strongest they have ever been.

The adopted agreement on the Trans-Pacific Partnership (TPP) has opened new and exciting opportunities for cooperation between Vietnam and Japan. Japan is strong in mechanical engineering, modern technology, high technology, and industrial high-tech applications in agriculture (support industry); while Vietnam's strengths are textiles, footwear, seafood, furniture and handicrafts. With TPP, Vietnam hopes to promote trade cooperation, FDI and tourism links with Japanese partners.

Addressing the workshop, the Governor of Gifu commented: “TPP is expected to bring huge economic efficiency in industrial production such as promoting international cooperation between small and medium enterprises, creating new industries and contributing to increase productivity for the entire economy. To take advantage of these opportunities,

On November 14, BIDV in collaboration with the Embassy of Vietnam in Japan, Vietnam National Administration of Tourism (VNAT), the Department of Foreign Investment (DFI), and members of Nghe An Province and Gifu local government successfully held a workshop on promoting investment and tourism between Gifu and Vietnam’s localities.

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Connections between Japan and Vietnam are currently the strongest they have ever been


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the strengthening of cooperation between people and leaders of the two countries is of great importance”.

Mr. Nguyen Manh Cuong, Vietnamese Ambassador to Japan said: “I appreciate the efforts of BIDV in collaborating with Gifu and Vietnam’s localities to organise this workshop. This is a great opportunity for the localities and businesses of the two countries to obtain useful information and new ideas for cooperation.”

In recent years, BIDV has established relationships with Japanese correspondent banks. The number of Japanese FDI customers has increased rapidly, by about 70 percent, focusing on trusts, fiduciary operations and asset management. BIDV is currently undergoing negotiations with major Japanese partners to identify a strategic shareholder.

Mr. Tran Bac Ha, Chairman of BIDV said: "We are committed to acting as the bridge between the Japanese business community and Vietnamese authorities, gathering information and proposals. Furthermore, we wil address difficulties encountered by Japanese firms and report to the Government of Vietnam, ministries, and local governments for consideration of and facilitation to Japanese companies in their investment in Vietnam. We are also committed to setting aside a long-term credit of USD2.5 billion for mechanical engineering, new technology, high technology and the support industry. We have committed to fund USD100,000 per year for organising tourism promotion activities between the central provinces of Vietnam and Japan”.

With close and effective cooperation with Japan’s leading financial

institutions, BIDV is committed to, firstly, continue effective cooperation with existing partners and expand cooperation with new partners in developing products and services that best support businesses of the two countries and strengthen trade and investment cooperation; secondly, continue to support Japanese localities and companies to survey and seek cooperation opportunities in Vietnam, particularly in the fields of agriculture and clean agricultural production and tourism; thirdly, support and advise Japanese companies on seeking investment permits in Vietnam; and finally, continue to coordinate to hold cooperation programmes and events between Japanese and Vietnamese businesses, creating seamless, reliable and effective communication channels towards substantive cooperation in all areas.

Shirakawa-go,Gifu, Japan

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What have BIDV’s main achievements in terms of human resource training been?

Firstly, the upgrade of the BIDV Training Centre into BIDV Training School in April 2012 has enabled us to meet the requirements for producing highly-qualified employees for the bank.

The bank’s innovative training activities are comprehensively planned and organised in terms of both quantity and quality. From 2013 to 2015, the number of staff attending courses reached an average of 17,471 per year, an increase of 39 percent from the period 2010-2012.

Ninety percent of learners assessed the courses as “good” or “very good”,

a significant improvement from 2011 when only 76 percent gave these ratings. The courses that were highly rated included Future Banking Leaders; an Integration Course for Provincial Young Officials as well as courses for MHB staff.

Secondly, relevant research was taken into account for the planning and development of each stage, in line with the bank’s management and business targets. From 2013 to 2015, the number of accepted projects increased on average by 56 percent and the number of seminars and conferences for business purposes increased by 129 percent from the period 2010-2012.

Thirdly, BIDV is the pioneer bank assessing and evaluating staffs’

competency, and has been doing so since 2013. BIDV Training School coordinated with relevant departments and units to conduct 47 examinations, 34 of which took place in 2015. There was also an examination for 3,000 staff received from MHB (the bank which merged into BIDV in May). BIDV is also the first financial institution to develop a competency framework, due for completion in 2015 and to be gradually applied in the recruitment, assessment and staff training process.

How is international cooperation in human resource development employed at BIDV?

Consultancy and international cooperation are priorities of BIDV Training School. The school has successfully organised international conferences with diverse topics including Retail Banking (2013); Real

enhancing human resources

lan Huong

BIDV’s effective training system produces qualified, skilled and knowledgeable employees to ensure the efficient operation of the bank. Mr. Can Van Luc, BIDV’s Senior Executive Vice President, Director of BIDV Training School provided us with an overview of BIDV’s training system.

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Estate Management and the Role of Financial Institutions (2014) and ASEAN – Opportunities and Challenges for Vietnamese Enterprises (2015), to name a few.

BIDV Training School also actively promotes training and research cooperation with domestic and foreign institutes and universities. The school has organised many leadership training courses for BIDV staff in Europe, the USA, Australia and Switzerland.

IT application has been the school’s focus in every operation. Five modern software programmes were written to serve the schools’ four main activities of education management, online examination, online recruitment and science management, with a special emphasis on the E-learning system.

What should BIDV’s next actions be in

order to continue and expand upon their successes?

Firstly, in the context of globalisation, there are many things that BIDV must do to enhance the quality of their human resources. BIDV plans to upgrade BIDV Training School into BIDV Institute or University when the necessary legal approval has been granted.

The school is not yet adequately equipped with modern facilities. To become an institute or university, BIDV will need to train and prepare qualified teaching staff, further develop their education programme content and invest in infrastructure. For this to be successful it will require the effort of the whole system.

Secondly, BIDV must focus on training sessions aimed at improving the experience and skills for leaders and

general staff from MHB. This will ensure consistency between new and existing staff in terms of corporate culture, knowledge, skills and working methods.

Thirdly, BIDV will complete the Competency Framework and Education Programme, coordinating with the relevant departments to develop criteria and methods to comprehensively assess staff’s competency.

Finally, the bank will create favourable study conditions for staff of the system by employing E-learning and other modern education software. In addition, we will promote cooperation in training, testing and scientific research, following the current integration trend.

In the coming months, we will develop an education plan to include examinations and drawing upon research findings for the period 2016-2018, in line with the bank’s business plan.

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credit and capitalfor coal conglomerate

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According to the terms of the contract, BIDV will finance and arrange capital for Vinacomin

and its member companies to help them improve their financial capacity and implement the major projects of the group.

BIDV will also provide the group and its member companies with banking and financial services, including working capital for production and business, import and export finance services, guarantees, derivative

BIDV and Vietnam National Coal and Mineral Industries Holding Corporation Limited (Vinacomin) recently signed a credit agreement in principle. The signing ceremony took place in Hanoi, with Mr. Phan Duc Tu, Chief Executive Officer of BIDV, Mr. Dang Thanh Hai, Chief Executive Officer of Vinacomin, departments and affiliates of both companies in attendance.

Mr. Dang Thanh Hai, CEO, Vinacomin and Mr. Phan Duc Tu, CEO, BIDV (right) sign the credit contract in Hanoi

Vinacomin's Tan Rai alumina plant in the Central Highlands province of Lam Dong

products, deposits and accounts, cash management, retail products as well as other banking services.

Addressing the signing ceremony, Mr. Dang Thanh Hai, Chief Executive Officer of Vinacomin said: “Vinacomin appreciates BIDV’s appraisal and approval of the credit package. I believe that with this credit, the group and our subsidiaries will have the necessary conditions to further improve our stability and financial balance.”

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Vinacomin is a Vietnamese state-run mining company. The industrial conglomerate focuses on coal and mineral mining and has its headquarters in Hanoi, Vietnam.

“The credit is also a motivation for the group to continue accelerating its investment in works and projects, ensuring the coal industry development goal is met, as set out in the Government’s plans. The group is committed to using the loan effectively and for the right purpose, fulfilling its obligations to the bank. In addition to the above credit package, the group looks forward to receiving continued support from the bank in financing our other major projects”, he added.

Mr. Phan Duc Tu, Chief Executive Officer of BIDV, commented: “We believe that with BIDV’s active support in arranging capital and finance as

well as supplying banking products and services, Vinacomin will continue effective investment, and become a strong and sustainable business for the national economy. We also hope that the group’s subsidiaries will work more closely with BIDV’s branches and affiliates to deploy this credit package quickly and effectively”.

As two large businesses, each playing important roles in the country’s economy, BIDV and Vinacomin have established a traditional cooperative relationship. In addition to arranging annual capital for Vinacomin’s production and business activities, BIDV also finances projects in

machinery, infrastructure for coal mining, improving coal mining productivity and coal mining expansion of the group and its affiliates.

Prior to this, BIDV and Vinacomin signed a memorandum of understanding on comprehensive cooperation for the 2013-2018 period, in June 2013.

Vinacomin's Tan Rai alumina plant in the Central Highlands province of Lam Dong

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Vietnam’s beef and dairy industry holds huge potential, however, the lack of a comprehensive plan or international trade links has hampered the development of this industry thus far. During the current booming integration period, strategic plans and a well-researched and appropriately allocated budget are required to fully develop this market.

new models for develoPment

According to BIDV Research Center, dairy husbandry methods in Vietnam typically follow the household model, with small, household farms accounting for 70 percent of dairy herds. As reported by 14 provinces and four dairy producers, only 2.2 percent of dairy farmers have a ratio of 41-50

making headway in the beef and dairy industry

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dairy cattle per household and only 0.9 percent of above 50.

Models and methods of beef husbandry are considered simpler than dairy because they are not driven by a complex interplay of factors. According to experts, in terms of breeding, methods, purposes, products and markets, Vietnam has yet to fully develop their beef cattle industry.

In the dialogue Vietnam - Developing a Modern, Integrated and Sustainable Beef and Dairy Industry, co-organised by BIDV, ANZ and Meat and Livestock Australia (MLA) on November 9, Vietnamese Deputy Prime Minister Hoang Trung Hai emphasised that the cattle industry must take steps to develop into a modern, integrated and sustainable industry. In order to do so, strong business connections between companies and farmers must be established.

The Deputy Prime Minister asked for specific measures to be put in place to address the fragmentation of the livestock sector and improve breeding quality to prepare for international integration, as in recent years livestock has been one of the most affected sectors.

Over the past few years, Vietnam’s dairy and beef production has been unable to meet domestic consumer demand. The amount of beef imported from India, America and Australia has continued to rise. Vietnam is among the top twenty milk importers in the world. Each year, the country has to import in the region

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of 1.2 million tons of milk.

However, with careful planning and management, the cattle farming industry is capable of organising large-scale, centralised production and applying modern technology, significantly contributing to the income of rural people.

“Through efforts such as setting aside agricultural land for growing animal feed, applying science and modern technology, and organising the production and consumption cycle under the value chain, cattle farming will not only reduce reliance

on imports, but also has the potential to expand exports of beef and dairy products to foreign markets,” said Nguyen Van Tien, Head of Agriculture and Rural Development, Party’s Central Committee’s Economic Commission.

Recently, large dairy producers TH Milk, Vinamilk and Hoang Anh Gia Lai have cooperated with Israel, New Zealand, Australia and Korea to develop modern technological methods for dairy production and processing, in order to widen the dairy cattle size and heighten the quality of both the dairy breed and the milk produced, for the benefit of Vietnamese consumers. It is

hoped that this model can be adopted widely so increases in quantity and improvements in quality of both cattle and milk production can be seen across the country.

commitment to market develoPment

Mr. Tran Bac Ha, Chairman of BIDV pledged to support beef and dairy companies, by committing USD1 billion of bank funds for technology transfer, cattle breeding and breeding facilities and processing technology systems that meet international standards.

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Mr. Dennis Hussey, CEO, ANZ Vietnam commented, “Vietnam is moving forward on the integrated development path of the beef and dairy industry. This will create jobs opportunities for rural areas, provide high-quality food to consumers, and enable Vietnam to become an exporter of meat and milk in the region. ANZ is pleased to be working with BIDV and MLA as well as the Australian beef and dairy industry's leading experts to play a leading role in the formation of this important initiative.”

BIDV has already financed many dairy and beef projects. These include a project of 150,000 cattle of Binh Ha Livestock Company in Ha Tinh Province. The project has total investment of VND5,082 billion (USD227 million), of which BIDV committed a total of VND3,162 billion (USD141.5 million).

BIDV also assisted a project comprising 32,000 beef and 3,500 dairy cattle of Tay Nguyen Dairy Cow Company in Gia Lai Province. The project’s total investment amount is VND1,742 billion (USD78 million), with BIDV committing VND1,201 billion (USD54 million).

The preferential rate applied by BIDV for these companies is 6.5 percent-6.62 percent p.a for short-term loans and eight percent for long-term loans.

According to Le Ngoc Lam, Senior Executive Vice President of BIDV, during 2015-2020, BIDV will continue to support the agricultural industry, with a particular focus on the beef and dairy industry. The bank aims to raise total outstanding loans for this industry to 16 percent from the recent 11 percent (as of September 30, 2015).

In terms of BIDV’s credit policy for the beef and dairy industry, the bank will continue to support enterprises to

strengthen links between value chains and improve the competitiveness of their products. BIDV will finance the projects which apply advanced technology, in line with the bank’s general support policy for potential major economic areas including the Central Region, Highlands and the Mekong Delta.

Currently, Vietnam is integrating into world economies through free trade agreements (FTAs) concluded with major economies, in particular TPP agreements with twelve new partners including the USA – the world’s largest economy. With this increased integration, the livestock industry, particularly the beef and dairy industry, will have opportunities to grow including access to global value chains to expand the world market, access to modern technology and a reduction in investment costs, thereby accelerating the process of restructuring the industry.

However, integration also poses several challenges. These include the gap in development levels between the Vietnamese livestock industry and

that of the countries signing FTAs with Vietnam; increased competition while the tariff barriers are lifted; and the limitations in the breed quality of Vietnamese cattle to meet international standards and high production costs.

The seminar provided opportunities for businesses to connect, learn about the beef and dairy industry in Vietnam, and seek business opportunities within the industry.

BIDV Chairman Tran Bac Ha delivers a speech at the conference

The forum’s attendants included Vietnamese Deputy Prime Minister Hoang Trung Hai, along with representatives from the Central Economic Commission; Vietnam Ministry of Agriculture and Rural Development; the Australian Department of Agriculture and Water Resources; the North Australian Department of Agriculture and Fisheries; the Western Australian Department of Agriculture and Food; the Australian Department of Foreign Affairs and Trade; the Australian Government’s trade agencies in Vietnam as well as the Australian Ambassador to Vietnam.

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In November this year, on an official visit to Vietnam at the invitation of Mrs. Nguyen Thi Doan, Vice

President of Vietnam, Mrs. Margarita Popova, Vice President of the Republic of Bulgaria and her delegation paid a working visit to BIDV.

Also in attendance were Mr. Yavor Haytov Iliev, Vice President of the National Assembly of the Republic of Bulgaria; Ms. Marinela Radeva, Chief of the cabinet to the Vice President; Mrs. Irina Nikolova Grekov, Advisor to the President in the areas of Culture, Spiritual Development, National Identity and Communications; senior officers of the Office of the President of the Republic of Bulgaria; Mrs. Marinela Petkova, First Secretary of the Embassy of the Republic of Bulgaria in Vietnam; Mrs. Pham Ngoc Bich, Deputy Director of the European Department under the Vietnamese Ministry of Foreign Affairs; Mrs. Nguyen Thi Hong Oanh, Vietnamese Ambassador-designate to Bulgaria; Mr. Le Duc Luu, former Vietnamese Ambassador to Bulgaria, as well as senior management of BIDV.

At the meeting, Mr. Tran Bac Ha, Chairman of BIDV provided the Vice President with an introduction to the history of BIDV, an overview of the bank’s business performance during the first ten months of 2015 as well as its operations in foreign countries. Added to this, the Chairman outlined the economic situation in Vietnam in the first ten months of 2015 as well as the expected performance for the whole of 2015.

Speaking at the meeting, Mrs. Margarita Popova expressed her pleasure at her delegation’s visit to BIDV, and her belief that BIDV will contribute to the development of relations between Vietnam and Bulgaria in the future, with the bank acting as a bridge between Europe and ASEAN.

The Vice President also thanked the BIDV Chairman for the considerable warmth shown towards Bulgaria and its people. Mrs. Margarita Popova said she believed her visit to Vietnam demonstrated the determination of both leaders over the past years to strengthen the friendly relations between the two countries, and she hoped that project cooperation

between the two countries will be further promoted as a result of the visit. The Vice President left memorable notes in the bank’s guest book, wishing BIDV great success in their future business operations.

Earlier that day, the official reception ceremony for the Vice President Margarita Popova was held in Hanoi. After the reception, the delegations of the two countries met for talks. The Vice President Margarita Popova also visited the Vietnam - Bulgaria Kindergarten and met with representatives of the Vietnam - Bulgaria Friendship Association.

bulgarian vice President visits bidv

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Bulgarian Vice President Mrs. Margarita Popova (front) and her delegation visit BIDV in November in Hanoi

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BIDV and China Development Bank (CDB) have signed a USD200 million five-year loan

facility agreement. The signing took place in Hanoi in November this year, under the witness of Vietnamese General Secretary Nguyen Phu Trong and Chinese President Xi Jinping, marking a new milestone in the long-term cooperation between these two leading financial institutions.

According to Mr. Tran Bac Ha, BIDV Chairman, the large and long tenor loan with reasonable funding cost will provide BIDV with greater financial resources to meet medium and long-term capital demand for Vietnam’s economic development projects. The loan also demonstrates CDB’s trust in BIDV’s financial capability and creditability, consolidating the cooperation of the two banks and contributing to the development of greater cooperation between Vietnam and China.

The total credit CDB pledged to

bidv signs usd200-million facility with cdb

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China Development Bank Tower

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provide to BIDV was USD550 million. Mr. Tran Bac Ha stressed that this is the biggest loan CDB has made to any financial institution to date.

BIDV has been successful in seeking and attracting offshore funding, especially commercial loans from financial institutions at reasonable cost. With sound capability and creditability, the bank continues to extend its credit lines and has provided an increasing amount of loans over the years. The loan from CDB will also help to improve the prudential ratios of BIDV in accordance with the State Bank of Vietnam’s regulations.

On the same day, Mr. Tran Bac Ha, BIDV Chairman and Mr. Hu Huaibang, CDB Chairman, signed a Memorandum of Understanding on Comprehensive Cooperation (MOU) at the BIDV headquarters.

Under the MOU, the two parties agreed to promote cooperation in their own particular areas of advantage.

These include project co-financing, bank to bank loans, financing of the other party’s customers, customer referrals, introducing opportunities for investment in Vietnam to Chinese investors, international payment and trade financing, foreign exchange, experience exchange, as well as training and participation in China-ASEAN Inter-Bank Association (CAIBA).

According to Mr. Hu Huaibang, 2015 marked a year of strong relations between BIDV and CDB. Mr. Hu commented upon Vietnam’s significant economic prospects as well as its strong banking system.

“Vietnam is a very important market for CDB. To date, total capital committed by CDB for investment in Vietnam was USD4.6 billion. In addition to specific projects such as power plants, CDB attaches great importance to the cooperation with financial institutions like BIDV”, Mr. Hu said. “The two banks have great potential for cooperation in

many areas such as co-financing, customer introduction, infrastructure investment, and most importantly, the exchange of experience in order to promote socio-economic development”.

BIDV and CDB have formed a good working relationship in recent years. The MOU will cement cooperation between the two banks and help BIDV tap future business opportunities through Vietnam’s deeper integration into the global market.

The China Development Bank was established in March 1994 to provide development oriented finance for government projects of national priority. By the end of 2014, the bank’s total assets reached USD1,662 billion, grew 26 percent year-on-year. CDB was successfully restructured and became a joint stock commercial bank.

Mr. Tran Bac Ha, BIDV Chairman (L) and Mr. Hu Huaibang, CDB Chairman sign the MoU

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A meeting between BIDV and potential investors initiated preparations for a conference aiming to promote investment in Quang Tri Province.

The conference will be co-organised by the People’s Committee of Quang Tri

Province, BIDV and the Ministry of Planning and Investment.

Twenty investors participated in the meeting. These included representatives of giant corporations, groups owning businesses with potential in tourism infrastructure, construction and services, and those owning licensed projects in Quang Tri.

Quang Tri holds great potential for attracting investment, in sectors including processing, energy, trade and tourism. The province offers a supportive business environment, with a centralised administrative mechanism. It achieved the highest score, at 39.74,

on the Vietnam Public Administration Performance Index in 2014.

Mr. Nguyen Duc Chinh, Chairman of the Provincial People's Committee, confirmed that it would apply the most preferential government regulations for investors. Furthermore, the province will support investors by facilitating land clearance, offering labour training and building the required infrastructure outside industrial parks and economic zones (EZs).

The province plans to request a total investment of VND87 trillion (nearly US$4 billion) for its eighteen projects. These include tourism projects such as hotels, a resort at Cua Viet beach, a golf course in Huong Hoa town, and Truong Son service and tourism centre in Vinh Truong Town.

BIDV is considering providing a VND15 trillion (USD667 million) loan to the province for socio-economic development during the period of 2016-2020. The loan will focus on

three sectors with high potential, namely seafood processing, trade services and energy industry.

According to Mr. Tran Bac Ha, Chairman of BIDV, Quang Tri should focus on improving the effectiveness of investment, such as by developing the economic corridor connecting the country's East Region to the South and West, building the La Lay border gate EZ and developing the Cua Viet-Cua Tung-Con Co Island marine tourism area.

Lying the north of Central Vietnam, Quang Tri Province is located on good transportation routes including National Road No. 01, and 09, in the East-West Economic Corridor through Lao Bao international border gate. The province has a total area of 4,739 km2 and possesses favorable geography, good natural conditions and convenient transportation links.

Quang tri attracting investors Quang Tri Investmetn Promotion Conference

viet dung

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For the second year running, BIDV is honoured to receive the Vietnam Outstanding Banking

Award (VOBA), in recognition of the significant contribution the bank has made to both the banking community and the development of Vietnam.

High performing banks in Vietnam have received many accolades including Outstanding Retail Banking Award; Outstanding E-Banking Award; Outstanding Security Initiatives Banking Award, Outstanding Innovative Banking Product & Service Award and Community Bank Award.

With a strict assessment process applied, BIDV was honoured to receive two out of four awards. These were the Vietnam Outstanding E-banking Award and the Community Bank Award. BIDV is the sole bank in Vietnam to receive the E-banking award two years in a row.

BIDV eBanking has continuously offered new, innovative and diverse products and services for both corporate and individual customers. Customers can easily transfer cash online, conduct bill payments and make other transactions quickly and safely.

The banking awards are part of the framework of the Vietnam Retail Banking Forum 2015. This year the forum features the theme Next Generation Retail Banking: Customer-

Centric and Tech-Savvy Model. At the forum, discussions took place relating to trends in retail banking solutions to improve operational efficiency and building customers’ trust and ensuring quality of consistent multi-channel banking services.

In the era of digital technology and global online services, developing IT infrastructure is key to the success of retail banks. The awards received by BIDV’s highlight the bank’s solid foundation for the future development of its retail banking activities.

The fourth VOBA, presented by International Data Group (IDG ASEAN) is organised by Vietnam Retail Banking

Forum under the endorsement of the Vietnam Banks Association (VNBA). The award aims to seek and honour banks that have performed outstandingly and contributed significantly to the development of the banking and financial sector in particular and of the Vietnamese economy in general throughout the year.

The candidates include domestic commercial banks and foreign bank branches in Vietnam. Members of the Board of Judges consisted of representatives from government agencies, ministries, associations and experts in the fields of finance and technology.

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BIDV representative receives the Community Bank Award

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with the fastest growth of revenue in the market once it hit the milestone of USD1 million in revenue, after only 33 weeks of operation. BML hopes that by the end of 2016, the company’s life insurance products will be available at all BIDV branches across the country (at a total of nearly 1,000 transaction points), helping more than eight million BIDV customers access saving and protection products of international standard.

Dustin Ball, Chief Executive Officer of BIDV MetLife noted, “Recently Vietnam has seen high annual economic growth, from 6.5 – 7 percent. With this stable growth, people across Vietnam will increasingly have sufficient income to plan for their future and take advantage of comprehensive financial solutions offered by life insurers. The expansion of BIDV MetLife nationwide

BIDV MetLife is a joint venture between MetLife Limited, BIDV, and BIDV’s affiliate – BIDV Insurance Corporation. BIDV MetLife offers a comprehensive range of innovative life insurance and wealth protection solutions distributed through BIDV’s large branch network.

increased presencefor bidv metlife

is a timely strategy that meets the requirements of the domestic market.”

With a vision to become the first bancasurer in Vietnam and a top five life insurer, BIDV MetLife will continue its strategy to bring innovative financial products and services to Vietnam, and will continue to leverage the comprehensive nation-wide distribution network of BIDV to reach Vietnamese consumers.

BIDV MetLife will continue its strategy to bring innovative financial products and services to Vietnam

BIDV MetLife (BML) recently announced a proposal to extend their business network in several

Northern and Southern provinces, with the aim of providing leading saving and protection products to a greater number of Vietnamese customers.

Following the initial sales launch in 24 BIDV branches in Hanoi and 14 branches in Ho Chi Minh City, BIDV MetLife further broadened their presence to another ten BIDV branches in nine provinces, including Ba Ria - Vung Tau, Binh Duong, Dong Nai, Tien Giang, Bac Ninh, Hai Duong, Hai Phong, Quang Ninh, and Thai Nguyen. Now operating in 48 BIDV branches, customers can access BIDV MetLife’s life insurance products at close to 240 transactions points.

BML became one of the companies

PHuong tHao

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In mid November BIDV signed a contract with Da Nang International Airport Investment and Exploitation

Joint Stock Company for the construction of Da Nang International Terminal.

As stated in the terms of the contract, BIDV will be the capital arranger and lender for the project. The project’s total investment value is VND3,504 billion (USD156.5 million), of which VND2,900 billion (USD130 million) will be borrowed. BIDV will finance fifty percent of the total loans, equivalent to USD65 million over fifteen years. In addition, BIDV will provide and cross-sell finance products when the terminal comes into operation.

Da Nang International Airport is one of the three largest airports in Vietnam, serving the transportation demands

of the Central Region. Da Nang is the economic centre of the country and plays an important role in the national development strategy. The city also boasts many famous tourist destinations, attracting numerous domestic and international tourists, such as Ba Na Hill, Hai Van Pass and the Son Tra Peninsula. The city also has an advantageous position being close to Hoi An Ancient Town, My Son Sanctuary and Hue Imperial City.

The number of passengers using Da Nang International Airport is increasing by an average of 14.5 percent per year, therefore before long the existing infrastructure will be unable to meet the growing customer demand. The construction of a new international terminal at the airport is essential to meet the increasing number of users. It is expected that the

da nang flying high

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airport will serve 3.1 million customers by 2022 and 4 million by 2025. Further plans are in place to upgrade the terminal by 2030 to have the capacity to serve six million customers.

The new terminal, featuring a seagull-inspired design and covering 21,000 m2, symbolises Da Nang as a prospering, dynamic coastal city. The Ministry of Transport said the establishment of the new terminal is aimed at improving the quality of the city's international airport as well as greatly improving the local infrastructure in time for the city to act as host for the 2017 Asia-Pacific Economic Cooperation (APEC). The current terminal, built on 14,400 m2, became operational in 2010.

Da Nang International Airport, Vietnam

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The CEO Group has officially launched the real estate project Sonasea Villas & Resort. As part

of this, BIDV Thanh Xuan Branch is offering customers credit packages with preferential interest rates of eight percent per annum for the first ten months.

Sonasea Villas & Resort covers an area of eighty hectares, with a total investment of VND4,500 billion (USD201 million). It is located in Bai Truong, one of the most beautiful beaches in Phu Quoc Island off the south coast of Vietnam. From the complex, it takes just five minutes to travel to Phu Quoc International Airport and ten minutes to Duong Dong town – the largest town in Phu Quoc.

Customers investing in the project can select flexible credit solutions from BIDV with different interest rates and tenors based on their own particular requirements. Package one includes

a rate of eight percent p.a applied in the first ten months following the first disbursement. Package two is set at a rate of 8.5 percent p.a., applied for the first 24 months. For package three, the corresponding conditions are 9.5 percent and 36 months.

The credit package will take effect from the end of October until the end of June next year. Customers can borrow up to 85 percent of the value of the sale or transfer contract.

Sonasea Villas & Resort project consists of Sonasea Villas, Sonasea Condotel, Sonasea Residences, walking and shopping areas, an office complex and modern amusement park, offering a diverse range of services combining both business and relaxation opportunities.

Sonasea Villas is planned for completion on April 30, 2015. Theses villas have an area of 270 - 713 m² and

are equipped with modern furnishings and appliances, meeting international standards. Each villa has a private garden and pool, bringing residents closer to nature.

Novotel Phu Quoc is part of Sonasea Villas & Resort project. The hotel comprises 400 bungalows and rooms that open to the sea. The resort is designed according to international four-star standards.

Sonasea Villas & Resort is expected to become one of the main high-end tourism attractions of the island.

In line with the Government’s plan, Phu Quoc is set to become a major tourism centre in the region as well as globally, attracting in the region of two-three million visitors by 2020 and seven million by 2030.

bidv makes Phu Quoc villas affordable

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Sonasea Residences

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Van Dien Fused Magnesium Phosphate Fertilizer JSC

(Vafco) was established in 1963. After nearly half a century of operations, the company’s total assets have reached VND270 billion (USD12 million) with total capacity of 450,000 tons per year. BIDV Hanoi South Branch has been a strong partner, significantly contributing to the company’s success.

Vafco received the accolade of Top Ten Best Brand in Vietnam in 2011, Top Ten Best Services in Vietnam in 2012, Best services in 2013 as well as other prestigious awards.

Currently, the bank is constructing additional phosphate fertilizer factories in Bim Son town, Thanh Hoa City on an area of 233,898 m2, with total investment value of VND1,300 billion (USD58 million), with a planned total capacity of 700,000 tons per year.

From the first days of trading with BIDV Hanoi South Branch, Vafco received the support of the bank branch. Particularly in recent years, despite tough competitiveness among credit institutions, Vafco always choses BIDV Hanoi South Branch as its solid partner. BIDV’s products and services meet the company’s demand while the bank’s capital is a useful source for the company to expand its business and improve its product competitiveness against other companies all over the country.

For many years, BIDV has cooperated closely with Tasco JSC and supported the strong

development of the company. BIDV Hanoi South Branch and BIDV Nam Dinh have financed many of Tasco’s projects, helping to cement the Tasco brand in the market.

These projects include a new road connecting Phu Ly town, Ha Nam Province with My Loc district, Nam Dinh Province, with a total investment value of VND3,800 billion (USD170 million); a road connecting Le Duc Tho Street to Road 70 in Hanoi, with investment value of VND1,023 billion (USD45.7 million); the National Road No. 1 expansion project in Quang Binh

Province, with investment value of VND2 trillion (USD89.5 million), as well as other valuable projects.

Tasco has five affiliates and the company has built its position in the transportation construction and real estate sectors. Its projects have been constructed in many provinces and regions throughout the country.

Since 2008, Tasco has made significant achievements. In 2008, the company’s revenue reached only VND250 billion (USD11 million), hitting VND2,762 billion (USD123.6 million) by the end of this year, a ten-fold increase in six years.

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Road connecting Phu Ly, Ha Nam Province with My Loc, Nam Dinh Province

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supporting tasco infrastructure projects

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Vietnam has risen in the World Bank’s rating of countries’ business operating

effectiveness, up to 90 out of 189 economies in 2016, a rise of three places from the 2015 report. Vietnam boasts more economic reforms than any other country in the region. Vietnam, Myanmar and Brunei are the economies in the Asia-Pacific region making the most strides in improving the ease of conducting business, according to the latest World Bank rankings. Singapore ranks top for the tenth consecutive year, followed by New Zealand, Denmark, South Korea and Hong Kong.

Vietnam rose from 119th to 125th on the list in the area of starting a business, due to reductions in the time required to obtain the company seal engraving and register, from 34 days to 20 days.

The Southeast Asian country made significant improvements in the area of obtaining electricity, ranking 108th in comparison to last year when it was 130th. The time required to gain an electricity connection reduced significantly. According to the report,

vietnam’s economy making great strides

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it now takes a business an average of 59 days to secure electricity, where before it was 115 days.

In terms of taxes, Vietnam made paying taxes less costly and simpler for companies by reducing the corporate income tax rate, reducing the number of procedures and documents for filing VAT and social security contributions, reducing the number of filings for VAT and replacing quarterly filings of corporate income tax with quarterly advance payments. At the same time, Vietnam increased the rate for social security contributions paid by employers. The country’s ranking improved to 168, up four places from 2015.

cambodia

Cambodia ranks 127 among 189 economies in 2015, compared with 133 in 2014. The country was one of two economies worldwide that recorded a reform to improve electricity reliability, ranking 145, up eleven places from 156.

The country has also reduced the time it takes to start a business as well as the number of procedures

required, placing it at 180 compared with 185. From last year, the country has not made any positive changes in other remaining indicators, and greater reform in terms of ease and accessibility of business operations is still required.

cZecH rePublic

The Czech Republic ranked 36, down three places from its 2015 ranking. The only improvement the country made was in paying taxes, ranking 122 compared with 123 in last year’s report. On trading across borders, the country is ranked first, keeping the same ranking as last year.

The country also showed negative changes in most areas. It is ranked at 93 in starting a business (compared with 90 in 2015), 127 in dealing with construction permits (126 last year), and at 37 in registering property (35 last year). Obtaining electricity was down two places to 42, securing credit down four places to 28, protecting minority investors dropped three places to 57, and resolving insolvency dropped two places to 22.

lao Pdr

Lao PDR continued to improve its business environment over the past year, ranking 134 among 189 economies in 2015, compared with 139

A new report published by the World Bank Group concluded that Vietnam has conducted many reforms in the field of business, credit and electricity, paying taxes and resolving insolvency, all of which have made it easier to conduct business in the country.

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in 2014. The country improved access to credit information, an important area for banks enabling them to make better decisions on lending and balancing their risks.

Laos improved ease of gaining credit, receiving a ranking of 70 compared with 128, up 58 places. However, the country saw no change in most indicators including obtaining electricity, paying taxes, trading across borders, enforcing contracts as well as resolving insolvency. The country actually lost eight places in starting a business, ranking at 153 compared with 145 in the 2015 report.

myanmar

For overall ease of business transactions and operations, Myanmar climbed ten places from last year, and is now safely clear of the bottom ten countries in the world, in 167th place. However, it remains the lowest-ranked ASEAN member and, with the exception of Afghanistan and Bangladesh, the lowest-ranked country in Asia.

According to the survey, Myanmar made significant strides in reform. It has become easier to start a business

(now ranked 160th on this indicator) and secure an electricity supply (148th). However, it showed no change in the remaining five areas including registering property (145th), protecting minority investors (184th), trading across borders (140th), enforcing contracts (187th) and resolving insolvency (162nd).

russian federation

Russia’s ranking has climbed from 62nd place in 2014 to 51st place in 2015. Improvements to its business environment is currently one of the country’s main aims.

According to the World Bank, during this year Russia has carried out five economic reforms, which have contributed significantly to the advancement of the country's rating. The greatest success was achieved for such indicators as “registration of property”, with Russia entering the top ten of countries with the best performance, “power supply reliability” and “transparency of electricity tariffs”.

taiwan

Taiwan is ranked 11th among 189

economies worldwide, climbing 50 places over the past seven years. Taiwan performed strongly in dealing with construction permits, moving up five spots from last year to sixth, with the survey highlighting the efficiency and quality of the local building permit system. The economy also made impressive gains in other rankings, jumping from 93rd to 16th in enforcing contracts, from 30th to 25th in protecting minority investors and from 40th to 18th in registering property.

Despite its overall improvement, Taiwan fell in some categories in the latest report, dropping to 21st in resolving insolvency, 22nd in starting a business, 39th in paying taxes, 59th in securing credit and 65th in trading across borders.

The World Bank's report on ease of business operations, which covers 189 economies worldwide, was launched in 2003. The report provides information on the relative ease or difficulty for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations.

Vietnam is amongst the economies in the Asia-Pacific making the most strides in improving the ease of conducting business

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leading tHe trend

In the first three quarters of this year, BIDV has led the banking sector with a 25 percent profit increase from the same period last year. Thanks to its business efficiency and stable growth, the bank’s profits reached over VND5.5 trillion (USD246 million).

BIDV also reported a twenty percent increase in total assets, reaching nearly VND786 trillion (USD35.5 billion) and ranking first among joint stock commercial banks. Total outstanding loans of the bank increased by fifteen percent, the highest seen within the banking system, while its non-performing loan ratio remained stable at two percent.

According to BIDV, the positive business results lay the solid foundations for the bank to comprehensively complete its year-plan.

A further two large banks that the State owns major stakes in also

reported positive business results. Vietcombank and VietinBank reported profit growth of 11 and 4.4 percent respectively.

Vietcombank’s foreign strategic partner is Japan's Mizuho Financial Group Inc. while that of Vietinbank is the Bank of Tokyo-Misubishi UFJ (BTMU).

Among other joint stock commercial banks, some banks have lost their position while others remained stable. VPBank saw the most success, reporting a pre-tax profit of VND2,329 billion (USD104 million), an increase of 73 percent year on year, and achieving 96 percent of its year-plan. VIB also saw significant profit growth, at 70 percent. The bank’s foreign strategic partner is the Commonwealth Bank of Australia (CBA). Conversely, Eximbank, whose foreign strategic partner is Sumitomo Mitsui Banking Corporation (SMBC), reported a pre-tax profit of VND678 billion (USD30 million), a decrease of 28 percent year on year.

cHallenges aHead

According to banking experts, the banking system’s profits continue to be affected by the loan loss provision, particularly as the State Bank required the system to reduce their non-

bank profits bounce back for 2015

Quang dieu

As the year draws to a close, the banks are beginning to report their profits over the last nine months as well as their projected business results for the year. Many of these banks have seen positive growth despite the challenges and difficulties they have faced within the market.

BIDV has led the banking sector in terms of profit growth

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performing ratio by three percent by the end of this year.

In fact, the NPL of Vietnam’s banking system reduced to 2.93 percent by the end of September this year. According to the State Bank of Vietnam, between the start of 2012 and September 2015, Vietnam’s banking system spent VND84.8 trillion (USD3.8 billion) on loan loss provision.

The fall in profits experienced by many banks can be attributed to loan loss provision. Eximbank’s loan loss provision increased 1.7-fold year on year, and can be seen as one of the main reasons for the decline in the bank’s profits.

According to Nguyen Hoang Minh, deputy director of the State Bank of Vietnam's HCM City branch, the

bank’s loan loss provision is expected to increase between ten and twenty percent, depending on the number of debts sold to VAMC.

In addition, Circular 36/2014/TT-NHNN relating to capital adequacy and liquidity requirements for credit institutions, which took effect in February 2015, is said to increase the costs for banks.

Specifically, the Circular stipulated that the loan to deposit ratio (LDR) applicable to joint stock banks, joint venture banks, and wholly foreign owned banks is 80 percent. The aim of this is to strengthen the quality of banking operations, as well as to monitor the credit scope of each commercial bank more effectively.

However, according to the State Bank’s

latest report, LDR of state primarily owned banks is 96.74 percent while that of joint stock commercial banks is 79.45 percent and the average of the whole system is 88.54 percent.

In 2016, it is expected that banks will see greater profit growth, thanks to positive forecasts of the economic growth. Furthermore, expected recovery of business enterprises and consumption demand will also contribute to profits within the banking system. However, challenges lie ahead as the gap between deposit and lending rates will continue to narrow. Moreover, market competitiveness will become fiercer. As a result banks must invest more in technology, networks and human resources as well as reducing interest rates and offering a greater range of products and services to attract new customers.

BIDV has led the banking sector in terms of profit growth

market movements

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Fitch Ratings recently affirmed Vietnam's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB-' with a Stable Outlook. The issue ratings on Vietnam's senior unsecured foreign and local currency bonds are also affirmed at 'BB-'. The Country Ceiling is affirmed at 'BB-' and the Short-Term Foreign-Currency IDR at 'B'.

Fitch forecasts a 2015 budget deficit of 6.0 percent of GDP, compared with an estimated 6.2

percent of GDP in 2014 based on the agency's adjusted measure. The 2016 budget is currently under deliberation by the National Assembly. Fitch forecasts a modest fiscal consolidation in 2016 to 5.4 percent of GDP. This will be largely driven by a reduction in off-budget capital expenditure, as we expect the official State Budget deficit to remain broadly similar to 2015. Fitch does not anticipate a change in fiscal policy following the planned central leadership transition in 2016.

Fitch deems Vietnam's refinancing risk as moderate, which balances high concessionary funding with a growing stock of marketable domestic debt at relatively short maturities. Domestic debt has a weighted average maturity of 4.3 years versus 12.8 years for external debt. Five-year domestic bond yields rose to 6.7 percent in October 2015 from 5.2 percent a year prior.

Vietnam's macroeconomic growth performance has improved over the

fitch affirms vietnam at ‘bb-’ with stable outlook

van tran

past year. Real GDP rose by 6.5 percent during the first nine months of 2015, up from 5.6 percent a year prior. Key drivers were final consumption (+9.1 percent) and gross capital formation (+8.1 percent), as net exports detracted from growth. Manufacturing continues to be the largest contributor to output growth, although construction and services also reported strong year-on-year increases.

Fitch expects Vietnam's current-account balance to narrow to 0.8 percent of GDP in 2015, following surpluses averaging 4.1 percent of GDP over the past four years. Imports have surged by 14.3 percent in value terms during the first ten months of 2015 versus export growth of 8.5 percent. This has resulted in a trade deficit of USD4.1 billion this year up to October versus a surplus of USD2.4 billion a year prior.

Fitch previously estimated that the true level of NPLs could be as high as 15 percent, but believes a recent pick-up in real-estate activity is likely to have increased the underlying collateral value of non-performing assets, which could lead to somewhat lower provisioning for banks. Property price indices suggest residential prices are now rising modestly following several years of stagnation.

Vietnam's medium-term growth prospects will be significantly enhanced should the Trans-Pacific Partnership (TPP) be successfully ratified by participating countries. The free-trade elements of the TPP will lower tariff barriers, giving Vietnam greater access to large consumer markets in the US, Japan, Canada and Australia.

Vietnam's macroeconomic growth performance has improved over the past year

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As 2015 comes to an end, the ASEAN Economic Community (AEC) will formally be established and is forging ahead by deepening its economic integration.

Prior to the official establishment, ASEAN had just released a new report on AEC’s developments,

key achievements, and the opportunities it brings. According to Mr. Le Luong Minh, the current and first Vietnamese Secretary General of the Association of Southeast Asian Nations (ASEAN), AEC will greatly impact the way we live, work and conduct business in the ASEAN region.

For instance, significant progress has been made in tariff elimination. To date, the ASEAN-6 (Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore and Thailand) have virtually eliminated their intra-regional tariffs, with 99.2 percent of tax lines at zero percent. For the CLMV (Cambodia, Lao PDR, Myanmar and Vietnam), the figure

stands at 90.86 percent, giving an ASEAN average of 95.99 percent.

ASEAN is also putting in place measures to reduce technical barriers to trade, including mutual recognition arrangements (MRAs). The AEC provides a supportive business environment through regulatory frameworks promoting fair competition and freer flow of capital. In addition, financial integration is a key catalyst for financial sector development, which, in turn, improves efficiency and lowers the cost of capital.

Comprising over 90 percent of enterprises in ASEAN, and generating employment for the majority of ASEAN’s working population, SMEs form the backbone of ASEAN economies. To support SMEs’ participation in global value chains, ASEAN has put in place the ASEAN Benchmark for SME Credit Rating Methodology, the SME Service Centre, the ASEAN SME Policy Index and the ASEAN Common Curriculum

for Entrepreneurship, among other measures.

Nothing demonstrates the potential of the AEC more than evidence of commercial viability. A key player in Vietnam’s economic revival is Trung Nguyen Coffee. Founded in 1996 as a small enterprise, in 2013, Trung Nguyen’s coffee products were commercialised via a wide network of local, regional and international distributors. In the same year, the company began exporting its brand and products to over 60 countries and regions – including the EU, Japan, China, and the Republic of Korea.

By 2014, ASEAN became Asia’s third largest integrated market, the world’s seventh largest, and among the most advanced in the world. With a combined population of over 622 million, ASEAN has a vast consumer base, behind only China and India globally. Over 50 percent of ASEAN’s population is under the age of 30, making up a large portion of both the current and future workforce.

aec – a thriving business community

tHu trang

Malaysia - a member of AEC

market movements

Products & services

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From November 05, 2015 to April 30, 2016, to support individuals and households to conduct

business towards the year end, BIDV has launched a preferential special credit programme.

Customers applying for business loans can enjoy a competitive interest rate from 6.5 percent per year. The total value of the package is VND12,000 billion (USD537 million). This resource will meet the capital needs of customers from now until the end of Vietnam’s next national Tet holiday, in

bidv’s consumer loan promotion

In November and December this year, to motivate

customers applying for consumer loans secured by property, BIDV launched a gift promotion programme dedicated to borrowers.

Accordingly, the first 300 individual customers successfully applying for consumer loans will receive gifts of VND1 million (USD50). The beneficiaries of the programme will be customers successfully disbursed or granted new loans by BIDV, with the loan amount minimum value of VND300 million (USD13,500).

Successful borrowers will be entitled to a preferential insurance premium from BIC, as well as incentives relating to accounts such as BIDV online-financial package, BSMS and online bill payment.

vnd12,000-credit package and gifts from bidv

February 2016.

In particular, the first 500 individuals, households and micro-businesses borrowing a minimum of VND1 billion (USD45,000) over a period of at least three months will receive a bonus of VND1 million (USD45).

In addition, customers can enjoy other associated benefits and services including BIDV Online, BSMS, BIDV Mobile, online bill payment and BIC insurance premium reduction.

Products & services

november 201539

From November 16, 2015 to January 18, 2016, BIDV will run a deposit promotion programme

for its customers, offering up to 536,000 gifts with a total value of more than VND15 billion (USD22,400).

Customers making new deposits at a minimum value of VND25 million (USD1,120) will directly receive cash bonuses. Furthermore, from now until the end of this year, customers will have the opportunity to win an

Iphone 6s each week. At the end of the programme, a lucky draw will be held with first and second prizes for customers. First prize will be a Hyndai Grand i10 Sedan worth VND500 million (USD22,400), with a further six second prizes of Honda SH model motorcycles worth VND50 million (USD2,240) each.

Finally, five customers making the largest value deposits with a 13-month term or more will each receive a bonus of USD50.

rewards for deposit customers

enjoy savings at bidv

To meet depositors’ demand given the low

USD deposit rate, BIDV is offering a superior savings product. Accordingly, from November 2015 individual customers selling USD to BIDV and wishing to deposit the sum in VND with the bank will be entitled to attractive deposit rates. Customers can also take advantage of other existing promotion programmes for depositors at BIDV.

Under decision 1938/QD-NHNN by the State Bank of Vietnam, the maximum USD deposit rate paid to organisations will be cut from 0.25 to zero percent per year, while the rate for individuals will be reduced from 0.75 percent to 0.25 percent per year.

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Da Lat is one of Vietnam’s most popular holiday destinations. Thanks to its picturesque

scenery,wwcharming atmosphere and plethora of historic sights, the City of Mountains and Flowers – as it is referred to by Vietnamese – is one place that visitors to Vietnam cannot afford to miss.

Lying in Southern Vietnam’s Central Highlands, surrounded by hills, pine forests, lakes and waterfalls, the capital of Lam Dong Province is also known as the City of Eternal Spring for its distinctive temperate climate. Da

Lat was developed as a resort by the French in the early 1900s, and many reminders of its colonial heritage are still visible today.

bao dai Palace

Set amid lush pine trees, Bao Dai Palace lies up a hill on Trieu Viet Vuong street. It has a royal, elegant look and an atmosphere reminiscent of times past. The palace is adorned with a geometry-shaped flower garden characteristic of French palaces and ornamental gardens. Flat rooves, eaves, windows and frames in French

The City of Eternal Spring

tue minH

architectural style give the palace a colonial feel. Before wandering around the palace and grounds, visitors should read up on the palace’s history.

The original palace consisted of three imperial buildings, with Dinh III being the best known and most visited. Built in 1933, the restored palace is still furnished with much of its original furniture and fittings and offers a rich insight into the life of the royal resident. The areas open to the public include the emperor’s throne, office and bedroom, dining room and the empress’s quarters. Portraits and sculptures of the royals are on display throughout.

da lat railway station

Built in 1943, Da Lat Railway Station may only be small but with its original ticket windows and wood-burning steam train, it is a favourite amongst

Xuan Huong Lake at the center of Da Lat City

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november 201541

visitors. Visitors can take a short five kilometer ride following the historic line to a tiny village named Trai Mat, enjoying the scenic countryside along the route. The train operates five times per day, requiring a group of fifteen people in order to make the trip.

valley of love Park

As its name suggests, the Valley of Love Park is popular with Vietnamese newlyweds. Its rolling green hills are home to lakes, beautiful gardens and picnic spaces. Young people enjoy the park, particularly the small amusement park with western style ‘cowboys’ complete with fake guns, and wide brimmed hats. It is a relaxing place, catering for all tastes. Visitors to the park can also take a ride around the lake in a swan pedal boat. Major holidays and long weekends tend to be busy and should be avoided by those seeking peace and quiet.

lang biang mountain

Located in Lac Duong Ward, about twelve kilometers from Da Lat’s center, Lang Biang is the place to appreciate Da Lat’s fine mountain scenery. Visitors can view the way of life of ethnic people first hand, hike to the top of a mountain, or simple enjoy the mountainous atmosphere and picturesque views.

truc lam Pagoda

Though built only recently, Truc Lam Pagoda is probably the prettiest and the best-kept shrine in Da Lat, and certainly one of the most popular. Located on Phuong Hoang Mountain close to Tuyen Lam Lake, it features a cast bronze bell, a pagoda and many Buddha images. Truc Lam Temple can be reached by cable car or motorbike. The temple is five kilometers south of the city center and is one of the biggest

and most beautiful temples in Vietnam.

Xuan Huong lake

Located at the center of Da Lat, this manmade lake has become a major landmark - the city’s pearl and pride. The crescent-shaped lake stretches for about seven kilometers and passes by many attractions including Da Lat flower park, Cu Hill, Yersin Park and Da Lat market. The lake is surrounded by beautiful gardens adorned with colourful flowering plants and trees. The beautiful reflections of willow and peach trees along the banks of the lake is part of Da Lat’s charm and there are restaurants, cafés, shops, hotels and a variety of business venues nearby, particularly on the northwest side of the lake, considered the heart of Da Lat. Here, locals enjoy picnicking, cycling and jogging, horse-cart and swan paddle boat rides, as well as it being a popular venue for wedding celebrations.

datanla waterfall

Datanla one of the most visited waterfalls in Da Lat and is conveniently located just a few kilometers south of town. Sometimes ethnic K’Ho artists perform cong chieng here – a traditional Vietnamese instrument cast from mixed copper. Thrill seekers should try the mini roller coaster ride which runs from the top of the falls.

Xuan Huong Lake at the center of Da Lat City

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Ha Giang Province is located in the far north of Vietnam, and Vietnam’s most northern point

can be found here. It is a stunningly scenic destination, where grand mountainous landscapes and pink flower gardens make an arresting sight.

The changing colours of this flower are its special characteristic. After one week, it turns light pink, then pink and purple. Finally, it changes to dark red, and then

Valley of flowers

QuynH cHi

Every year in the months of October and November, when the winter sunbeams warm the earth, millions of pink and purple flowers bloom, carpeting the Northern Mountains and Dong Van Stone Plateau in Ha Giang Province.

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Besides enjoying the picturesque buckwheat flower meadows, visitors to Ha Giang will have the chance to experience the life of H'mong people. H’mong is the largest ethnic group of the nineteen ethnic communities in Dong Van. Staying in traditional houses, eating, sleeping and talking with H’mong people is an experience visitors will never forget.

H’mong people celebrate their New Year a month before the country’s traditional Lunar New Year, or Tet. Based on their calendar, their New Year Holiday falls in late November or early December. Therefore, travelling to Ha Giang at this time of year affords the opportunity to enjoy the New Year celebration preparation activities of H’mong people.

Whatever time of year tourists visit, the traditional colourful dress of H’mong people can be seen. In the spring time visitors can experience the traditional Love Market, where H’Mong people from all over the region come in the hope of finding their true love.

The changing colours of this flower are its special characteristic

Ethnic children among buckwheat flowers

black just before the petals fall off.

This special flower, known as ‘buckwheat flower’ is very important to the lives of the ethnic people in this province. Its seeds are used to make wine. Its body can be used as cattle feed. Young plants are also eaten as vegetables. Local people use the kernels of the plant to make wheat. The wheat can be used to make delicious cakes or mixed with corn kernels to brew wine with a very special flavour.

In recent years, buckwheat flowers have become an alluring attraction for tourists visiting Ha Giang Province. This year marks the first year that Vietnam has held a buckwheat flower festival in Ha Giang, aimed at honouring the unique culture of the Dong Van highlands, attracting numerous tourists to this mountainous province. The festival not only celebrates the beauty of the buckwheat flower but also showcases this new tourism development that is expected to grow in popularity in the near future.

csr

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end-of-life care for vietnamese heroines

On November 6 this year, representatives of BIDV Nghe

An provided end-of-life care for two Vietnamese heroines in Do Luong and Anh Son Districts in Nghe An Province. Visiting, gift-giving and administering hands-on care are ways that staff at BIDV show gratitude to and remember the actions of the Vietnamese heroines whose husbands and children died in the resistance wars against France and America.

On behalf of the delegation, Mr. Tran Minh Tinh, Deputy Director of BIDV Nghe An Branch and Chairman of the Trade Union asked about the health and daily life of the women, expressing his deep gratitude to the contribution the mothers had made in the struggle for national liberation.

Separately, BIDV Nghe An also presented ten sets of computers to Tao Son Primary School in Anh Son District and collaborated with Song Lam Sugar Company in donating ten sets of computers to Binh Son Secondary School in Anh Son District. The total value of this equipment reached nearly VND160 million and will help schools to improve their teaching quality, creating the conditions for students to employ information technology to conduct research and access knowledge.

Throughout November, BIDV will continue to accompany the programme Bringing Music to

Hospitals, at Vietnam National Lung Hospital, Hanoi.

Musicians participating in the programme as well as BIDV staff expressed this hope for the programme: “Let the hearts share in music, let the melodies of love spread strongly. The power of music will relieve the anxiety and exhaustion of illness, giving patients some joy in their life”.

The 136th Bringing Music to Hospitals programme continues its journey with the message: "We play music in hospitals to bring smiles to patients’ faces.”

Patients and staff at the hospital also joined in the singing at the event.

As well as the musical repertoire, BIDV gave monetary gifts to ten patients facing economic difficulties who are currently being treated at the hospital.

music brings joyto patients

The power of music will relieve the anxiety and exhaustion of illness, giving patients some joy in their life

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BIDV Review 10

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