BIDV and VNPT enter into strategic partnership
08:02 | 10/02/2007
VNGOVNet – The Vietnam Post and Telecommunication Corporation (VNPT) and the Bank for Investment and Development of Vietnam (BIDV) on February 8 signed a deal on strategic cooperation, making an alliance between a major State-run group and one of the leading Vietnamese banks.


 VNPT and BIDV sign the agreement for strategic cooperation - Photo: VNGOVNet

The VNPT-BIDV strategic cooperation is based on the principles of long-term, sustainable partnership and observing each other’s business strategies and the law.

This aims to make use of each other's potentialities for growth and business diversification. In this line, the two sides will enter into joint ventures for expansion to various industries, fields, and models of management in order to fulfill potentialities of the domestic and overseas markets of old or new business that they are both interested in.

According to the deal, through VNPT’s post-telecommunication and information technology operating arms and dealers networks, the Bank will broaden its delivery of quality banking products and services. In return, VNPT will rely on BIDV to develop post-telecommunication and IT services and financial activities related to post-telecommunication and IT business.

Under the agreement, BIDV will tailor credit for VNPT on the latter’s annual demands in different forms: short-term, medium-term, long-term loans and financial leasing. In exchange, VNPT will choose to use quality and competitive financial and banking services provided by BIDV. The two sides will collaborate with each other to offer such services as billing, payment, money transfer, and dealership using their distribution networks, including: post offices, post agencies, banking counters, ATMs, POS, phone-banking, and Internet banking.

To extend business to different fields, the two sides agreed to establish holding companies in which BIDV and VNPT function as the core founders and found investment funds in the fields of energy, telecommunication, real estate, and mineral mining in which they will be strategic shareholders.

By Hoàng Nguyên Hồ


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