Vietnam Development Bank (VDB) - Vung Tau Branch, set up in 2006, quickly become a trusted companion of socioeconomic development and ODA capital disbursement for key investment projects in Ba Ria - Vung Tau province, thanks to its particularly advantages of policy, human resources and efforts of the entire staff.
VDB was established from the restructuring of the government-run Development Credit Fund responsible for carrying out investment credit and export credit policies of the State. VDB’s activities are not for profit and the required reserve ratio is zero, free from deposit insurance and guaranteed of liquidity by the Government and exempted from taxes. VDB is entrusted to manage and sub-lend ODA capital and collect debts from customers based on entrusted contracts between VDB and domestic and foreign organisations through its two exchanges, five regional branches and 49 branches in centrally governed provinces and cities.
Based on its unique characteristics, Ba Ria - Vung Tau Branch of VDB fulfilled all tasks of export credit and ODA capital disbursement in 2013. Provided VND70 billion for countryside development programme, the branch completed all tasks assigned. However, credit development for fisheries, pepper, cashew and coffee sectors remains limited as Ba Ria - Vung Tau province characteristically relies on fisheries. Hence, the disbursement value was just VND10 billion.
Particularly, with the long maturity, ODA capital is an advantage for provinces and cities to carry out key economic and livelihood projects like infrastructure, electricity and water supply. In the past years, VDB - Ba Ria - Vung Tau Branch has actively invested in key projects in the province, including nearly VND1,000 billion Phu My thermal power plant; nearly VND2,000 billion power development support project in Phu My; Dong Xuyen Industrial Park in Vung Tau City; and Phu My 3 Industrial Park (costing VND4,552 billion and 51 billion Korean won in the first phase) invested by Binh Thanh - Phu My Joint Stock Company.
VDB - Ba Ria - Vung Tau Branch encouraged its employees to donate one-day salary to support three poorest districts of Bac Ha, Si Ma Cai and Muong Khuong in Lao Cai province as directed by VDB. The branch also actively took part in social development and charity activities like raising funds for the poor and flood victims. Particularly in 2013, the branch donated more than VND120 million to philanthropic activities. This was one of the reasons why the branch was awarded the Certificate of Merits by the Government (2006) and the Certificate of Merits by Ba Ria - Vung Tau (2006 to present.)
In the period of accelerated industrialisation and modernisation in Ba Ria - Vung Tau province, the role of VDB - Ba Ria - Vung Tau Branch becomes increasingly critical. So, to keep up with the development pace, the branch is set to restructure operations to be modernised, consolidate personnel and enhance credit quality management. At the same time, it boosts investment and export credits, especially for agricultural and rural development. The branch, with its internal resources and determination, will achieve more success in the coming time.
Minh Tuan
Vietnamese
