Friday, February 23, 2007

Political leader urges BIDV

Deputy Prime Minister Nguyen Sinh Hung has urged the Bank for Investment and Development of Viet Nam (BIDV) to become a multi-functional finance investment group to help propel economic growth.

At his working session with the bank in Ha Noi yesterday, the Deputy PM said BIDV should build up its financial strength and a staff of qualified experts, and provide diverse services in order to win trust from local and foreign customers.
He said the Government aims to turn the country into an industrialised country with a GDP of around 250 billion USD by 2020.

Towards the goal, credit supply must be half as much against the GDP, or 300 billion USD, which is six-fold the current level. Credit organisations have to hold at least 30 percent of the figure, or about 100 billion USD, said Hung, who was former finance minister.

According to BIDV Director General Tran Bac Ha, the bank planned for 1 billion US$ in profit by 2011. He said BIDV also aims to become a strong and multi-functional finance group by that year.

By the end of 2006, BIDV's total property was worth 167 trillion VND and its pre-tax profit was over 1.3 trillion VND.

Source: VNA

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