4:33:35 PM | 7/8/2014
In 1991, together with the re-establishment of Lao Cai province, BIDV Lao Cai - the branch of the Bank for Investment and Development of Vietnam (BIDV), was set up under Decision 134/QD of the State Bank of Vietnam dated August 30, 1991 and officially put into operation on October 1, 1991. Closely based on local development stages, BIDV Lao Cai always upholds its tradition, overcomes difficulties and challenges, utilises its dynamism and creativity to fulfil its tasks, and serves local socioeconomic development. The branch has become a trusted company of the business community and citizens and a prestigious, familiar and close brand for customers.
BIDV Lao Cai has dedicated a lot of investment capital to many projects since 1995, including cement plants, brick plants, apatite ore plants, bronze processing lines, hydropower plants (Coc San, Coc Dam, Ngoi Xan 1, Ngoi Xan 2, Nam Tha 6, Nam Xay Luong, Suoi Chan, Sup Pan and others), transport vehicle replacement projects. Many projects have gone into operation and supplied products and services to meet production and livelihood demands in the province. With the credit financed by the bank, companies have successfully realised local social and economic development objectives and created jobs for local people.
Affected by world economic recession and domestic economic slowdown, many enterprises struggled to deal with high inventories, weak purchasing power and capital shortage. Not a few had to narrow operating scales or go bust. To support businesses in the province, BIDV Lao Cai has strictly followed directions and guidance from BIDV, reviewed, assessed and classified corporate customers, concentrated support measures for troubled customers with bright prospects to recover and expand operations and to pay back debts. BIDV Lao Cai slashed interest rates, adjusted repayment terms, restructured loans and supported companies to boost sales on the market. Most borrowers have resumed stable operations and scaled up production and business activities.
Apart from business front, BIDV Lao Cai is also at the forefront in pro-community activities. It regularly takes part in social security events, carries out BIDV’s social security programmes for Lao Cai province, finances education and health projects, builds houses for the poor, and provides relief for victims of natural disasters.
In 2014 and beyond, BIDV Lao Cai will stick to business development strategies of the banking sector and socioeconomic development orientations of Lao Cai province to enhance governance capacity and service quality for customers. The lender will provide more favourable conditions for customers to access capital sources and utility services for production and business expansion.