BIDV Phu Tai: Helping to Strengthen BIDV Reputation

Based in Binh Dinh province, Phu Tai Branch of Bank for Investment and Development of Vietnam (BIDV) has for the last few years been a leader in modernising technology, developing its product line as well as implementing policies to share benefits with customers. Its capital has helped many businesses, in tumultuous times, stabilise and expand their operations. With the right business strategy ensuring efficiency and conformity with the socio-economic goals of the province, BIDV Phu Tai has asserted its reputation and contributed to the industrialisation and modernisation of the province

Understanding the need for the development of a core economic zone in the Central Coast, Binh Dinh in particular, in 2006, BIDV's Board of Directors decided to establish the Phu Tai Branch in order to boost the local economy and entrench the bank's position in the province. From a humble start of 43 employees, 7 departments and 2 offices, the number of employees has increased to 150, working in 10 departments and 8 transaction offices.

 

With the vibrancy and creativity of its workforce, the support of the local authority, the thorough supervision of BIDV Vietnam and especially the immense trust and support from customers, BIDV Phu Tai has enjoyed fast and stable growth, establishing a solid foundation in Binh Dinh and nationwide. With attracting capital being the top priority for growth, over the last few years, the branch has deployed its entire workforce, leveraging on its current advantages from its products and services in order to attract more capital. As a result, the branch's capital remains relatively stable over the years with a 13-percent market share of the total deposit amount. As of June 30, 2012, deposits reached VND2,620 billion, 18 times that of its first year in operation.

 

Together with the credit and deposit growth, BIDV Phu Tai has a vested interest in developing new banking products and services. It also focuses on services catering to export companies; at the same time provides consulting services to businesses regarding market conditions, foreign transaction services, and credit risk in payment methods. In addition, exporting businesses are provided with a service named cross currency swap (CCS), which has an advantage over directly borrowing dollars. Furthermore, the Branch continues to improve the quality of traditional products and services, releasing new services to increase its competitiveness, such as providing a bundled package for customers with SmartAccount, Phone Banking and HomeBanking services, as well as developing various types of card payment methods.

 

Together with the release of new products satisfying demand in the respective periods, BIDV Phu Tai also seeks customers’ feedback regarding its customer service, and the diversity and usefulness of its products and services, in order to better accommodate customers, striving to provide the best customer services among banks

With the "Sharing Opportunities, Successful Cooperation" motto, BIDV Phu Tai recently initiated many products and services catering to businesses and local people, especially exporting businesses. Leveraging its available capital, the Branch has timely satisfied the capital demand for local businesses, especially the traditional customer groups such as wood, stone and mineral exporters which are the major exporters in the province. In addition, the Branch also funds several economic zones in the province, many industrial complexes at the district level and various tourism businesses. Many projects which the bank funds have been efficiently run, contributing to shifting the economic structure and creating stable jobs with higher salaries for local people. As of June 30, 2012, outstanding loans of the branch totalled VND6,940 billion, 7.6 times that of 2006. The number of customers keeps surging, from the initial 5,233 to 56,948 at the moment, 10.8 times that of 2006. BIDV Phu Tai through its development has asserted its leading position in supporting local businesses in a safe and efficient way.

 

With many positive contributions to the socio-economic development of the province, BIDV Phu Tai has the honour of being recognised as a first-tier bank by the State Bank of Vietnam (SBV); and has been awarded certificates of commendation by the Prime Minister for being the "Leading flag in the Coastal Province in the South Central Region" within the BIDV networks for two consecutive years.

 

Regarding its strategic plan, Mr Tu Khac Tuan, Director of BIDV Phu Tai revealed that the Branch will attempt to retain its current customers while expanding its operation to other industries with a suitable risk management strategy to provide a strong support base for subsequent years; upgrade the distribution network as a movement towards a modern retail banking model. Concurrently, the quality of products and services will be improved in order to support sustainable development and better meet customer's demand for capital, keeping in mind the "Sharing Opportunities, Successful Cooperation" motto of the BIDV networks.