BSL assessed operation for the 11 months of 2023


On December 7, 2023, the Board of Members (BOM) of BIDV – SuMi TRUST Financial Leasing Company Limited (BSL) held the Q4/2023 meeting to assess the business operations of the past 11 months and establish the development strategy for the year 2024. The meeting was conducted online at two main locations: BSL’s headquarters in Hanoi, Vietnam, and Tokyo, Japan.

The meeting was attended by BOM members, Executive Committee members, the Head of the Audit Committee, and heads of departments at the headquarters.

BIDV – SuMi TRUST Leasing Company Limited’s BOM Q4/2023 Meeting

In the context of the economy, according to data from the Vietnam Economic and Strategic Research Center (VESS), Vietnam’s economic growth has gradually increased over the quarters but remains low compared to the average figures of the previous 5-year period before Covid-19. Regarding GDP growth, Vietnam’s growth rate in the first three quarters of 2023 reached 4.2%, significantly higher than the global average growth rate.

Credit growth as of November 23, 2023, has only reached 8.38% compared to the end of December 2022, significantly lower than the annual target of 14.5%. The slower-than-expected economic growth from the beginning of the year is one of the reasons for the low credit growth. In particular, in the context of a potentially risky economy and low business confidence leading to reduced loan demand.

During the meeting, the Board of Members (BOM) assessed the past 11-month period of 2023 as a challenging phase for BSL. Faced with the recent economic situation, BSL’s strategy is to maintain stable growth while ensuring credit quality and efficiency.

BSL has consistently implemented its strategy, including cost-effective restructuring, seeking expanded capital mobilization channels, and enhancing interest rate support activities for customers.

Assessing the outlook for 2024, BSL’s leadership stated that although the economy in 2023 had faced many challenges, there were also bright spots that would contribute to growth in 2024. The task set by the BOM is to continue maintaining stability and safety in credit growth operations while preparing available capital resources to seize positive signals from the economy in 2024.

Thao Nguyen