BIDV Yen Bai Branch Diversifies Banking Products

With its annual average growth rate of 20 per cent in assets and 21 per cent in investment, the Yen Bai branch of the Bank for Investment and Development of Vietnam (BIDV Yen Bai) has made significant contributions to the development of Yen Bai provincersquo;s economy, especially during the industrialisation and modernisation process.

Yen Bai is a mountainous province, having great economic development potential with a favourable natural location and abundant natural resources. The province has opened its doors to welcome investors to develop major projects; building industrial parks, exploiting and processing stone powder and building small-sized hydro-electric power plants. This is an opportunity for BIDV Yen Bai to access and provide financial support for profitable projects.

To that end, the bank has implemented projects on modernising its activities and diversifying its products. As a result, the bankrsquo;s investments are highly effective, helping promote the development of Yen Bai provincersquo;s economy with improved quality of loans. Its outstanding debts account for only three per cent of total loans.

Also, the bank has made an effort in restructure its loans by increasing commercial credit and short-term loans. It has promoted the provision of loans to small and medium-sized enterprises and households. BIDV Yen Bai has developed many new products, including letter of credit (L/C) payment, foreign exchange and mobile banking. This has helped cut the business costs of many enterprises and individuals, bringing great social benefits by accelerating capital circulation, thus helping implement national monetary policies and control inflation.

To meet the increasingly diversified demand of customers, the bank has renewed its operation and co-operated with enterprises, helping them overcome difficulties. In addition, the bank has provided consulting services to its customers on their investment decisions and convenient products. BIDV Yen Bai has applied international standards, including the ISO 9001:2000 quality management system, to its operation. It has always attached importance to improving the quality of its services and products.

To join investors to develop projects, contributing to the development of Yen Bai province, the bank hopes to receive support from the local authorities. It hopes that the province will set up a unit specialising in developing and assessing projects, ensuring that they will gain a high socio-economic effectiveness.

In recognition of its achievements and contributions, BIDV Yen Bai has been presented honourable awards, including the Labour Order, third class, in 1998; the Labour Order, second class, in 1996, and certificates of merits by the Party and State, the Peoplersquo;s Committee of Yen Bai province, the governor of the State Bank of Vietnam and the general director of BIDV.

Nhat Minh