The world economy maintained a good growth momentum in the first half of 2018, then slowed down in the second half. In that context, Vietnam's economy achieved positive, comprehensive results, completed and exceeded all 12 socio-economic targets set by the National Assembly: GDP reached 7.08%, the highest in recent 11 years. Average CPI was controlled at 3.54%, maintaining 5 consecutive years of controlling below 4%. Balance of payment surplus was USD7.2 billion. Disbursed FDI reached a new record of USD19.1 billion. Public debt decreased compared to 2017.

The banking system made significant contribution to such achievements, effectively managing the monetary policy, ensuring the goal of controlling inflation, maintaining macroeconomic stability, and ensuring safe operation of the credit system. Credit grew 14%, consistent with macro balance. Interest rate was stable. The exchange rate tended to increase, especially at the end of the year but still under control. NPLs were handled drastically. The NPL ratio of the credit system decreased to 1.89%.

With the motto of discipline, accountability and efficiency, in 2018, BIDV completed all targets of the business plan, improving asset quality, strengthening financial situation, as well as reforming and developing institution. This laid solid foundations for the completion of the restructuring plan for the period of 2016-2020, ensuring the interests of shareholders, customers and employees, contributing positively to the state budget. In all important business indicators, BIDV achieved outstanding results, specifically: Credit grew in accordance with the orientation of the State Bank of Vietnam, supporting economic development. By the end of the year, customer loans reached VND988,739 billion, increasing by 14%, accounting for 13% of the total market share. Loan structure shifted positively in the direction of increasing the proportion of retail, SME and short-term debt balance. Deposits grew well, meeting the demand for capital, balancing capital safely and efficiently. Total customer deposits reached VND989,671 billion, increasing by 15% compared to the beginning of the year, accounting for 12.3% of market share. Asset structure shifted towards improving good quality assets, ensuring liquidity capacity. BIDV continued to maintain the leading joint stock commercial bank position with the largest total assets of VND1,313,038 billion. Operating indicators improved significantly compared to the previous year, completing the target: net service income increased by 20%, profit before tax and provision increased by 21%, profit before tax increased by 9% to VND9,473 billion, surpassing the plan  assigned  by the General Meeting of Shareholders. ROA reached 0.6%, ROE reached 14.6%. The NPL ratio decreased to 1.9%, thanks to drastical bad debt settlement.

Outstanding business performance expressed not only in the financial indicators but also in other indicators: Customer base developed significantly (especially individual customers were strengthened in both scale and quality), increasing by 13% compared to 2017, reaching more than 11 million customers, accounting for 12% of Vietnam's population. BIDV was honored with "The Best Retail Bank in Vietnam" by The Asian Banker for the fifth consecutive year, and “Outstanding Retail Bank” by Vietnam Banks Association for the third consecutive year. The quality of customer service was enhanced through modern distribution channels, increasing the rate of using services on each “active” customer. Turns of customers using e-banking increased by 26% annually, reaching 9.2 million. Transactions via e-banking channel reached over 82 million, increasing by 87% per year. Market price of BID shares increased by 35% compared to the beginning of the year with high liquidity level, averaging 2.7 million shares traded per session. P/E reached 16x, higher than the average of the Top 5 market capitalization banks (P/E ~ 11.9x), reflecting investors' positive expectation on the bank’s development potential.

Setting goals to improve financial capacity is a key factor in operation of BIDV. In 2018, BIDV was approved in principal by the State Bank of Vietnam for charter capital increase through private placement to the foreign strategic investors with the number of shares issued of over 600 million, equivalent to 17.65% of the current charter capital. BIDV also successfully issued subordinated bonds in two batches: more than VND1,000 billion through private placement and VND4,000 billion through public offering, which were eligible for calculation of Tier 2 capital.

As the leading bank in IT application, in 2018, BIDV promoted the implementation of digital banking projects, evaluated by S&P as one of the leading banks actively cooperating with FinTech to promote digital banking applications, especially in the retail banking operation.

The results achieved in the past 365 days have shown the efforts of the BIDV management and 25 thousand employees as well as the close and effective cooperation of partners and customers. Controlling credit growth and quality, boosting retail activities, mobilizing capital at reasonable costs, ensuring liquidity and safety of the system, reducing operating costs, strengthening inspection and supervision were important factors to creating the successful performance of BIDV in 2018.

Given the unpredictable movements of the world economy and the expectedly-stable domestic economy in 2019, with the motto of "Discipline – Accountability - Efficiency - Breakthrough", BIDV determines 2019 as a year that lay foundations for successful implementation of the restructuring plan, sustainable development, and international integration. Particularly, maintaining quality growth, consolidating the leading position in key market segments, focusing on retail and SME customers, strongly deploying digital banking strategy, developing electronic channels, promoting multi-service business model, and improving management capacity according to international standards.

On behalf of the Board of Directors of BIDV, I would like to extend my sincere thanks to the leadership and more than 25,000 employees of BIDV. Especially, I would like to express my deep gratitude to customers, shareholders and partners who have always trusted and accompanied BIDV during the 62 years of development for a sustainable and prosperous future.

May I wish you continual development and success.




Phan Duc Tu



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