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Banking & Finance

BIDV and VLA come together

Released at: 14:49, 19/10/2015

BIDV and VLA come together

Two sign MoU to bolster logistics services in the country.

by Hung Nguyen

The Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Logistics Association (VLA) have signed a Memorandum of Understanding (MoU) on comprehensive cooperation in the 2015-2020 period.

The agreement was signed by Mr. Le Trung Thanh, Deputy General Director of BIDV, and Mr. Do Xuan Quang, Chairman of the VLA.

BIDV will provide banking and finance services for VLA, while VLA will cooperate with BIDV to provide preferential policies to customers introduced by BIDV and vice-versa.

The two sides also commit to cooperating in communications and branding and to support each other in terms of exchanging information.

Mr. Thanh said that as Vietnam integrates internationally the logistics sector is facing many challenges in human resources, training, technology, management, and especially poor infrastructure due to limitations on financial resources. Bank credit therefore plays a significant role in terms of supporting business activities and increasing the competitive advantages of logistics companies.

The signing of the MoU was conducted at a logistics forum in Ho Chi Minh City with the theme “Solutions to Improving Infrastructure, Facilitate Trade, and Improve the Quality of Logistics Services for Import and Export Enterprises.”

Deputy Minister of Industry and Trade Tran Tuan Anh told the forum that export enterprises incur high costs in logistics services. Logistic enterprises and exporters have not found common ground and have failed to cooperate for mutual development. The cost of logistics is affecting Vietnam’s competitive advantage in international markets, accounting for around 20-25 per cent of GDP over recent years. Vietnam’s competitiveness will be improved if logistics costs can be cut.

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