On 3 July 2020, in Hochiminh City, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the Vietnam GS Industry single-member LLC (VGSI) entered into a comprehensive cooperation agreement.

The signing ceremony between BIDV and VGSI

According to the agreement, BIDV will provide VGSI with comprehensive financial and banking services including loans, guarantees, deposits, payment services, derivatives, e-banking and retail banking products to serve the diverse investment activities of the counterparty. Meanwhile, VGSI will prioritize BIDV's products and services over other banks'. The two parties will exchange investment and cooperation opportunities for an efficient cooperation relationship. The signing ceremony marked a milestone in the comprehensive cooperation between BIDV and VGSI, which is a foundation for further mutual support and development. This is a beginning of a successful cooperation between BIDV and leading Korean enterprises in Vietnam, promoting the economic and diplomacy relation between Vietnam and Korean.

VGSI is a wholly owned subsidiary of the GS Engineering & Construction Group (GS E&C) – a member of GS Korea – the 8th largest multinational group in Korea by total assets, operating in multiple industries such as construction, retail, energy…. BIDV Ba Thang Hai Branch is authorized by BIDV HO to implement the comprehensive partnership with VGSI. BIDV Ba Thang Hai and VGSI has developed the business relationship since May 2019. In January 2020, the branch signed a guarantee contract with VGSI for the housing project “ZeitGeist” in Nhon Duc and Phuoc Kien communes, Nha Be district, Ho Chi Minh City. This project is very attractive in Vietnam real estate market in recent years. BIDV is the only bank issuing guarantee for customers purchasing housing of this project.