The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has recently been named “Best Retail Bank in Vietnam 2021” by The Asian Banker magazine for its outstanding performance in retail banking at a virtual award ceremony held on 8 April 2021.

In 2020, banks were strongly affected by the Covid-19 pandemic. Given this challenge, BIDV built a retail strategy associated with the digital transformation strategy to further serve the increasingly diverse needs of customers.

BIDV's representatives receive “Best Retail Bank in Vietnam 2021” award

BIDV’s retail banking activities in 2020 had strong development with increased contribution to the bank’s overall performance, maintaining the No.1 position in the market by scale and operational efficiency; risk controlled according to international practice, particularly: Net retail income reached nearly VND20,000 billion, contributing approximately 50% of the net income of the bank’s system. Pre-tax retail profit contributed 65% of the bank’s total pre-tax profit. Individual customer base was nearly 12 million (more than 10% of Vietnam’s population), up 15% or 1.5 million new customers. Digital customer base grew sharply with number of transactions via digital channel reaching 210 million, an increase of nearly 40%; the proportion of transactions via digital channel increased to 52% in 2020 from 39% in 2019; The cumulative number of BIDV SmartBanking users is 5.2 million (up 54%).

The above impressive results are attributed to BIDV’s strong deployment of the digital transformation strategy, launching a series of digital applications to serve customers. BIDV became one of the first four banks to successfully implement Interbank Clearing House (ACH) - a key project of Napas and the State Bank of Vietnam on 3 July 2020. In March 2021 BIDV launched its new SmartBanking which integrates mobile and internet banking channels, offering seamless experience, personalisation, Smart Keyboard and banking via Smart watch. BIDV is the bank with most connection with Fintech companies in Vietnam (30/39 companies).

BIDV's representatives receive “Best Personal Loan Product 2021” award

BIDV’s QuickLoan, an unsecured loan product on SmartBanking, is also honoured with the title “Best Personal Loan Product 2021” by The Asian Banker. QuickLoan applied to customers whose salary is paid via BIDV account is one of the outstanding features, helping customers easily access bank loan. With few easy steps of registration, customers’ loan will be disbursed within 4 hours. In addition, BIDV has also expanded 24/7 self-service channel - B-Smart. Accordingly, customers can open an account, register for the service and conduct depositing/withdrawal transactions through eKYC. BIDV has also implemented the Marketplace model which connects BIDV customers with the real estate market through the BIDV Home app. Borrowers can easily apply for home loan through mobile devices. The app also supports customers to monitor the home loan anytime, anywhere.

Mr. Foo Boon Ping, Managing Editor of The Asian Banker said: “BIDV achieved a solid financial performance in 2020, posting double-digit revenue growth with retail business contributing almost half of the bank’s total income. Despite the pandemic, the bank was able to safeguard its leading market position and increased its market shares in retail loans and retail deposits. The bank responded to challenges in 2020 with agility and improved digital capabilities. In 2020, the bank saw the proportion of its digital customer base and the transactions via digital channel both increased to more than 50%. BIDV is the bank pioneering in supporting customers affected by Covid-19”.

According to Mr. Mobasher Zein Kazmi, Head of Research at The Asian Banker, this year Vietnamese banks have responded to the Covid-19 pandemic with agility, noting that BIDV has launched a number of digital initiative in response to the pandemic, and has improved customer experience. “Although not the first bank to introduce and implement eKYC, we have recognised the progress the bank is making in its digital journey specifically expanding its ecosystem with the integration of Vinmart’s e-commerce in to your mobile platform. More importantly, BIDV has shown its strength in protecting its franchise with leading market shares in key products as well as solid financial performance for the year”, said Mr. Mobasher.

The Asian Banker Vietnam Country Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Vietnam. Annually, The Asian Banker evaluates over 300 banks and non-bank retail service institutions in more than 42 countries.

With outstanding performance in retail banking in the year, BIDV has also been honoured with prestigious awards such as Outstanding Retail Bank for the fifth consecutive year (2016-2020) and Outstanding Digital Transformation Banking 2020 as voted by Vietnam Banks Association (VNBA) and International Data Group (IDG).

For more information, please contact:

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)

Tel: +8424.22205544; Hotline: 19009247


Fanpage: BIDV - Ngân hàng TMCP Đầu tư & Phát triển Việt Nam.


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