A journey filled with pride marks BAC A BANK birthday

BAC A BANK representatives were honoured by Nghe An People’s Commitee last week

Last week, BAC A BANK held its 30th anniversary party in the central city of Vinh, where the bank began its journey full of ambition and became a trailblazer in finance and banking, providing investment consultancy for businesses.

The bank was born as the only joint stock commercial bank in central Vietnam, with an initial charter capital of VND20 billion ($830,000). With the mindset of upholding the law, and meeting the interests of enterprises, customers, partners, and the community, the bank prides itself on its humanistic values.

BAC A BANK has stood with customers through many major changes, such as economic difficulties in the early 1990s, the 2008 Asian financial crisis, and the 2011 global financial crisis.

Under the leadership of Thai Huong, one of the youngest bank general directors at that time, BAC A BANK took its first steps. At the same time, the bank has also introduced breakthrough initiatives, fully dedicated to customers, demonstrating the vision of the leader, such as proposing a flexible savings interest rate scheme to optimise the interests of depositors.

The bank has made it favourable for customers by appraising credit based on both the collateral and the borrowing plan. In addition, the bank also considers debt extension for customers in difficulty while supporting them in access to the market and expansion of their business activities under the strict control of loan officers.

These humane methods are flexibly applied, complying with the strict regulations of the State Bank of Vietnam (SBV). This has gradually helped build trust in the first generations of customers, who laid a firm foundation for the prosperity of the bank.

Journey of pride

BAC A BANK became an investment consultant of TH Group with a revolutionary project: the $1.2 billion state-of-the-art dairy cow farm and fresh milk processing plant in the central province of Nghe An’s Nghia Dan district.

“The bank has achieved very proud results, and its reputation and brand are increasing day by day. The bank and TH Group have made significant changes in our province,” said Bui Thanh An, Vice Chairman of Nghe An People’s Committee at the anniversary ceremony. “The bank’s investment consultancy has been operating effectively, making significant contributions to the provincial socioeconomic development,” An said.

Projects include the dairy cow farm and fresh milk processing plant; the TH clean medicinal herbs and natural clean flavouring project; the MDF wood processing factory project; and the greenhouse vegetable and flower growing and exporting project.

TH Group has created a fresh milk revolution, changing the nature of the domestic dairy industry. From the world’s largest modern project in Nghe An and a chain of high-tech farms in the country, TH Group has also reached out to the international market, with a dairy farm in Russia, and a corn and cotton plantation in Australia.

At present, TH Group continues to expand its food, drink, and medicinal herb activities to projects aimed at protecting health. This has constituted an aspirational journey towards sustainable values that the bank and TH Group have been pursuing. The journey has also involved sectors aimed at developing social security, health, and education, such as the TH School system and the high-tech medical complex TH Medical, which are implemented with a methodical roadmap towards building a happy life for the Vietnamese.

From strength to strength

After 33 years of development, BAC A BANK has made outstanding achievements, becoming one of the most prestigious brands in Vietnam.

As of June, the bank had $6.43 billion in total assets and $373.3 million in charter capital, with a network of up to 175 transaction points in 42 provinces and cities nationwide.

BAC A BANK’s financial and banking products are diverse, supplemented with many new utilities and regularly implemented incentive programmes, meeting the needs of different customer segments. The bank has made a strong imprint in investment consultancy and credit granting for high-tech enterprises investing in rural and agricultural development, as well as social security to create value that is environment-friendly.

In addition, the bank is also a contributor with a profound impact on the community through charitable and social security activities, such as taking care of Vietnamese mothers; building schools, bridges, roads, and toilets for remote areas; and supporting those in need of sustainable livelihoods.

The bank was also a top unit in donation activities during the COVID-19 pandemic, with a total budget of $4.16 million. The bank’s charitable activities have become more professional, with the For Vietnamese Stature Foundation carrying out significant campaigns demonstrating social responsibility at a strategic national level.

Thai Huong, labour heroine in the doi moi period, vice chairwoman of the Board of Directors, and general director of BAC A BANK said, “The success of the bank is not only reflected via the numbers, but also through its activities about investment consultancy and credit granting, which has created a generation of customers pursuing the development towards the green economic model, knowledge economy, and circular economy.”

Implementing a synchronous development strategy, the bank will remain steadfast developing itself into a multi-functional, modern, advanced management bank, in accordance with Vietnamese and international practices, meeting the needs of financial and banking services nationwide.

Taking customer benefits as the centre of development, the bank will continue developing its resources, promoting innovation, and modernising technological platforms to diversify product and service portfolios and enhance customer experience and convenience.

“Continuing to pursue the goal of creating a generation of sustainable businesses, BAC A BANK will prioritise investment consultancy and credit provision for high-tech projects involving agro-forestry-fishery production, clean medicinal materials, healthcare and education, and processing and manufacturing industries,” Thai Huong said. “The bank will also consolidate the financial product and service ecosystem, optimising customer experiences and benefits.”

In recognition of those who have contributed to BAC A BANK’s operations, and for outstanding achievements in the sector, the governor of the SBV at the anniversary ceremony awarded certificates of merit to the bank. The People’s Committee of Nghe An province also honoured the bank and its employees for their achievements in helping develop the province’s socioeconomic development.

BAC A BANK hits award with foreign exchange transaction Within the framework of the Vietnam FX Awards 2024 held in Hanoi recently, Bac A Commercial Joint Stock Bank (BAC A BANK) was honoured to be granted the award of Top 5 Banks with the largest foreign exchange trading volume in Vietnam on FX matching year 2023 awarded by the London Stock Exchange Group (LSEG).

BAC A BANK sets out ambitious business targets After strong performance last year, BAC A BANK has mapped out new business targets for the 2024-2029 period, with improvements across the board.

BAC A BANK enhances options for young enterprises BAC A BANK is now offering an attractive loan product designed specifically for young enterprises.