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Vietnam bank opens venture in Czech
The Bank for Investment and Development of Vietnam (BIDV) has opened its first business in the Czech Republic via a partnership with two local firms, making its first step into the European bloc.
IDCC Europe Finance AS is the joint venture between Investment and Development Cambodia JS Company, an offshoot of the Bank for Investment and Development of Vietnam, and Czech firms Investment Lofidami Group and Sportisimo.
The joint venture, located in Czech’s Prague capital, will provide loans for businesses and consumers, and finances for overseas Vietnamese to buy homes.
IDCC Europe Finance AS also supplies investment consulting services for overseas Vietnamese people and enterprises planning to invest in Vietnam and Vietnamese investors to do business in the Czech Republic.
World leading credit rating firm Moody’s Investors Service has upheld financial strength at the level of E+ for the Bank for Investment and Development of Vietnam (BIDV) in its 2010 rating report.
The rating for BIDV’s domestic and foreign currency deposits is Ba2/B1, while its issuer rating stands at Ba2.
The ratings are considered to be positive as the global economy has yet to fully recover and Vietnamese banks are facing a range of challenges.
2010 marks the fifth year in a row that BIDV has asked Moody’s to conduct credit ratings, reflecting the bank’s commitments to transparency and application of international standards to business operations.
In Cambodia, BIDV opens representative offices and invests in projects such as the Cambodia Investment and Development Joint Stock Company and the Vietnam-Cambodia Insurance Joint Stock Company.
The Foreign Investment Agency (FIA) licensed 90 overseas investment projects totaling more than US$637 million and gave permission for 25 existing projects to raise their capital by $92 million, according to FIA statistics in the first nine months.
The FIA said besides the traditional markets of Laos and Cambodia, Vietnamese businesses this year also poured significant investment into Russia, Malaysia, Algeria, the US and Cuba.
Vietnamese businesses have so far invested more than $8 billion in more than 500 overseas projects.
TT, TBKTSG
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