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Banking & Finance

BIDV and clients to work with US partners

Released at: 10:47, 19/02/2016

BIDV and clients to work with US partners

Pen put to paper on cooperative agreements during US-ASEAN Summit in California.

by Hung Nguyen

The Bank for Investment and Development of Vietnam (BIDV) and some of its clients signed a number of cooperation contracts with US partners during the attendance by Prime Minister Nguyen Tan Dung at the US-ASEAN Summit at Sunnylands, California.

The cooperative memorandum between BIDV and BIDV MetLife includes three key articles: increasing information and experience exchange to increase the business opportunities of both sides, developing the bancassurance channel in Vietnam, and BIDV MetLife consulting BIDV regarding international standards in banking management to prepare to seize opportunities from the TPP and supporting the bank in building comprehensive individual service packages.

Clients of BIDV also signed contracts, with the Bien Dong Seafood Limited Company agreeing to terms with H2 Origins Seafood to work together in the US market to increase revenue to $300 million in the next three years. H2 Origins Seafood will also buy from 750 to 1,000 containers of shark catfish fillet over the next four quarters, valued at $60 million.

The Thai Group and the Hyatt Hotel Group, meanwhile, also signed a cooperative memorandum to build a hotel in Hanoi bearing the Park Hyatt name for 30 years, with total investment of $165 million. The new hotel will feature 300 luxurious rooms and presidential rooms and be completed in 2018.

BIDV Metlife is a joint venture between MetLife Asia Ltd., BIDV, and BIDV Insurance Company (BIC).

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