Mr. Le Ngoc Lam - CEO of BIDV (right) and Mr. To Manh Cuong - General Director of MobiFone Corporation (left) sign the comprehensive cooperation agreement for the 2021-2026 period

On 14 October 2021, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and MobiFone Telecommunications Corporation (MobiFone) signed a comprehensive cooperation agreement for the 2021-2026 period. Under the agreement, BIDV and MobiFone will strengthen the extensive and comprehensive cooperation, maximizing the strengths and potential of each party in accordance with the current provisions of law. In particular, in the context of a volatile market due to the serious impacts of the Covid-19 pandemic, the cooperation between the two large enterprises affirms the efforts of Vietnamese enterprises to recover, make breakthroughs, and develop sustainably, contributing to promoting the prosperity of the national economy and society.

Specifically, in the field of finance - banking, BIDV is committed to providing modern and preeminent financial and banking products and services, consultancy for MobiFone at competitive prices, creating favorable conditions for MobiFone to take full advantage of economic benefits from production and business activities.

In the fields of telecommunications - IT, MobiFone will provide BIDV with products of optimal quality covering telecommunications, information technology, transmission, digital content, etc. in accordance with law, ensuring competitiveness in the telecommunications service market.

The two sides are committed to facilitating cross-selling of their respective products, cooperating to create new products and utilities for society, implementing payment intermediary service product packages such as: E-wallet service; Online payment portal service, Collection and payment service, 24/7 payment service, Napas payment service, etc.

BIDV has cooperated with and served MobiFone to deploy the Mobile Money Project and opens an account to ensure the Mobile Money service payment when it is officially licensed by the State Bank of Vietnam. The two sides will also continue cooperation on researching and launching other convenient products and services in the coming time.

A senior representative of MobiFone said: “MobiFone and BIDV have strengths and can support each other in terms of technical infrastructure, markets, products and services, technology as well as corporate culture. The strategic cooperation between the two sides is the synergy of existing strengths and new ones, serving as a lever that helps the two make go further, contributing to the country’s post-pandemic socio-economic recovery and development.”

BIDV's senior representative said: “The signing of the comprehensive cooperation agreement affirms the strategic cooperation relationship between BIDV and MobiFone, demonstrating the two sides’ determination to the successful implementation of the digital transformation strategy, contributing to building the nation's digital economy. BIDV and MobiFone are committed to making the most of their respective advantages for mutual development, creating values and benefits for them, the community and society."

About BIDV

Founded in 1957, BIDV is the largest commercial bank in Vietnam by total assets. The bank’s operations cover banking, insurance, securities and financial investment. BIDV boasts a network of nearly 1,100 branches and transaction offices as well as commercial presence in 6 countries and territories, serving over 12 million customers, and has established partnerships with 2,300 financial institutions globally. For many consecutive years BIDV has been in the list of the world’s Top 2,000 largest public companies (Forbes); Top 300 most valuable banking brands in the world (Brand Finance), Top 10 Largest Enterprises in Vietnam (Vietnam Report), Best Retail Bank in Vietnam for the sixth time (The Asian Banker); Best SME Bank in Vietnam for 4 consecutive years (The Asian Banking & Finance) and many other prestigious awards.

About MobiFone

As a pioneering operator in Vietnam's mobile telecom market, after 28 years of development, MobiFone has been on a strong digital transformation roadmap, establishing its position as an IT enterprise, a digital infrastructure and service provider. MobiFone bolsters research and application of new technologies such as Big Data, Artificial Intelligence (AI) in customer care and provides solutions for corporate and individual customers including governmental agencies. MobiFone has been among Top 10 largest IT - telecom enterprises in Vietnam for many consecutive years, Top 10 Vietnam's IT solutions and service providers in 2021, and Top 10 Digital Technology - Service in 2021. MobiFone won many big IT awards at IBA Stevie Awards 2020, 2021. For many years MobiFone has been in the list of Top 50 most valuable brands in Vietnam (Brand Finance).