The Bank for Investment and Development of Vietnam (BIDV) will grant VND4 trillion (US$24 million) in loans next year to help major local food trader Vinafood 2 buy rice for export. The state-run bank will also finance a further VND1.5 trillion ($8.8 million) if it is allowed into a governmental program that finances the buying of rice in the Mekong Delta, according to an agreement it signed with Vinafood 2. Vinafood 2, the Vietnam Southern Food Corporation, will use the funds to buy 2.8 million tons of rice in the Mekong Delta next year. BIDV, Vietnam's second largest lender by assets, has loaned a total of VND1 trillion ($5.9 million) to the corporation and its affiliates this year through November. The loan commitment was made following the government’s policy to ensure national food security and stimulate investment and consumption, BIDV chairman Tran Bac Ha said at the signing ceremony Friday. The lender also said it would assure loans for the purchase of 3.5 million … [Read more...] about BIDV to fund rice purchases for export
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BIDV earmarks $16m for the poor
The Bank for Investment and Development of Vietnam (BIDV) has earmarked VND272 billion ($16 million) to help reduce poverty and ensure social welfare following the Prime Minister's instructions to help prevent recession and maintain economic growth. The money is part of a VND296.4 billion ($17.4 million) package to be launched in 2009-2010 to help the community and the country's poorest districts. Speaking at a press conference Friday, BIDV chairman Tran Bac Ha said, "Being a leading financial institution, caring about the community is one of our basic targets." In the current economic climate, the poor will suffer most. The program will be targeted at 500,000 households in 61 districts who live in shabby houses, he added. Mr. Ha hoped that the program, which will be implemented early this year, will be effective and helpful because it is timely and well-organized. The program has four aims: being twinned with and directly assisting four of the country's poorest districts, … [Read more...] about BIDV earmarks $16m for the poor
BIDV to invest in Myanmar, Czech
Bank for Investment and Development of Vietnam (BIDV) will promote the investment in the two new markets of Myanmar and the Czech Republic, said Chairman Tran Bac Ha on the bank's road show to promote its initial public offering (IPO) on Sunday. Ha deemed Myanmar a potential market with great economic openness after 30 years of underdevelopment. As for the Czech Republic, BIDV was now promoting a financial investment worth US$7 million, or some VND147 billion, with the contribution of the Vietnamese community in the foreign country. BIDV has made strong outbound investments in recent years. Previously in June 1999, BIDV cooperated with the Foreign Trade Bank of Laos to establish the Laos-Vietnam Joint Venture Bank. BIDV last year began taking profit in Laos, with the return on equity (ROE) ratio at 19% in both last year and this year. In the Cambodian market where it has been operating since 2008, the local bank also recorded profit albeit modest. Also at the launching event on … [Read more...] about BIDV to invest in Myanmar, Czech
BIDV sets IPO share price at $0.88
BIDV, Vietnam's second-largest lender by assets, said on Tuesday it has set the starting price for its initial public offering at 18,500 dong ($0.88) a share, lower than those of several major listed banks. The Hanoi-based lender, formally known as the Bank for Investment and Development of Vietnam, is selling a 3 percent stake, or 84.75 million shares, after securing the government's approval. BIDV will auction shares on Dec. 28 and will list on the Ho Chi Minh Stock Exchange by the end of the third quarter ending September 2012. It also plans to sell a 15 percent stake to a foreign strategic investor next year. BIDV's IPO is part of Vietnam's government drive to further restructure the state-owned business sector, a two-decade long process that had been slowed after the country's main stock market reached its peak in March 2007. In late 2008, VietinBank, the country's largest partly private lender by assets, sold 53.6 million shares at an average of 20,265 dong, slightly … [Read more...] about BIDV sets IPO share price at $0.88
BIDV reveals initial public offering plan
The Bank for Investment and Development of Viet Nam (BIDV), the nation's second largest bank in terms of total assets, officially announced its initial public offering (IPO) which is scheduled to launch on December 28th. Under the equitisation plan approved by the Prime Minister on Wednesday, BIDV will sell shares to its employees and trade union before December 31, announced BIDV chairman Tran Bac Ha in a press briefing in Ha Noi yesterday. The bank will hold its first shareholders meeting in the first quarter of 2012 and list its shares on the HCM City Stock Exchange no later than the end of the third quarter. The bank also plans to sell stakes to strategic foreign investors later next year. As of November 30, BIDV had total assets of VND403 trillion (US$19.19 billion) and a pre-tax profit of VND4.1 trillion ($195 million). In its equitisation process, the bank would issue 84.7 million shares, accounting for 3 per cent of its charter capital, Ha said. The bank would … [Read more...] about BIDV reveals initial public offering plan