Illustrative image (Source: VNA)
The Bank for Investment and Development of Vietnam (BIDV) has been named as the best provider of foreign exchange services in Vietnam by Asiamoney magazine, becoming the third-time recipient of the prestigious award voted by financial institutions and businesses.

The bank has also been named the best for foreign exchange research and market coverage in Vietnam by the Asian leading regional financial publication.

The annual award, voted by 394 financial institutions and more than 1,900 businesses, is to honour financial institutions across Asia-Pacific in foreign exchange and financial analysis.

In 2012, BIDV was picked as the best overall domestic cash management services and best overall cross-border cash management services by the magazine.

Also during the year, the world’s leading financial magazine, Euromoney, named the bank as the best domestic trade finance provider in Vietnam.

BIDV’s total assets rose 85 times from 8.7 trillion VND (399 million USD) in 1995 to 730 trillion VND (33.4 billion USD) in 2015, making it one of the largest banks in Vietnam.

The bank's mobilised capital increased 337 times from 1.7 trillion VND (77.9 million USD) to 574 trillion VND (26.3 billion USD); its credit rose 100 times from 5.3 trillion VND (243 million USD) to 535 trillion VND (24.5 billion USD), while its charter capital jumped from 247 billion VND (11.3 million USD) to 31.4 trillion VND (1.4 billion USD).

The bank's pre-tax profit also rose from 221 billion VND (10.1 million USD) to 6 trillion VND (275.2 million USD) after 20 years of transition into the commercial bank model.

It has contributed 12 trillion VND (550.46 million USD) to the State budget so far.-VNA