Bank to accept payments to State budget via branches and transaction points.
The Bank for Investment and Development of Vietnam (BIDV) and the State Treasury signed a cooperation agreement in Hanoi on July 19 on collecting State budget revenues.
The State Treasury in Hanoi will open a dedicated account at the BIDV Transaction Center 1 to collect revenues and deploy bilateral electronic payments in the capital.
Six district units under the State Treasury in Hanoi - Hai Ba Trung, Bac Tu Liem, Cau Giay, Hoang Mai, Tay Ho and Gia Lam - also signed cooperation agreements with BIDV branches to collect State budget funds.
The total number district units of the State Treasury authorizing BIDV to collect State budget revenue is now 17 in Hanoi.
This will improve administrative procedures in tax collections and create favorable conditions for enterprises and individuals to meet their obligations to the State budget.
Enterprises and individuals will be able to pay all taxes, fees, and charges and make other payments to the State budget quickly, conveniently, and safely through 34 BIDV branches and 163 transaction points.
BIDV has cooperated with the State Treasury, the General Department of Taxation, and the General Department of Vietnam Customs in the past to collect taxes, charges, fees and other levies.
Through such cooperation activities, the bank has contributed to improving administrative procedures in taxation, boosted non-cash payments under the government’s policy, and contributed to implementing the e-treasury strategy within the State Treasury Development Scheme as directed by the government to 2020.
BIDV’s after-tax profit rose 10 per cent year-on-year to VND1.82 trillion ($80 million) in the first quarter of this year while its bad debt ratio increased slightly, to 2.14 per cent, its consolidated financial statements for the period reveal.
As at March 31, total assets were up 2 per cent to VND1,026 trillion ($45.1 billion). Customer lending rose 4.7 per cent to VND747 trillion ($32.85 billion) and deposits 5 per cent to VND762.4 trillion ($33.53 billion).