BIDV Aims US$1Bln Profit by 2011

The Bank for Investment and Development of Vietnam, or BIDV plans to become a powerful and multi-functional finance group with profits of US$1 billion by 2011, BIDV director general said.

 

BIDV Director General Tran Bac made the statement at a recent working session with Deputy Prime Minister Nguyen Sinh Hung February 22.

 

To finalize the set target, Deputy PM Hung said it should build its financial strength and a staff of qualified experts, and provide diverse services in order to win trust from local and foreign customers.

 

“BIDV must be a powerful financial institution, with the qualified and excellent personnel required to cooperate with industries both in short- and long-term to minimize risks,” Hung noted.

 

Hung also gave the green-light to foreigners holding CEO posts in state-run banks.

 

To serve the Vietnamese Government’s objective to become an industrialized country with a GDP of around US$250 billion by 2020, credit supply must be around half of the GDP, which is six-fold the current level. Credit organizations have to hold at least 30 per cent of the figure, Hung noted.

 

By the end of 2006, BIDV’s total property was worth VND167 trillion and its pre-tax profit was over VND1.3 trillion. (VNA)