BIDV and FPT IS pioneer Vietnam’s first digital import-export ecosystem
The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has recently announced its partnership with FPT IS to develop and operate Vietnam’s first “Digital Ecosystem for Import-Export Enterprises.” This is a pioneering project of Vietnam’s leading bank that establishes a brand new import-export operational model by digitizing the entire customer journey, laying the groundwork for expanded international cooperation, and adding value to stakeholders in the import-export supply chain.
In particular, BIDV and FPT IS will collaborate to integrate and develop an import-export digital ecosystem built on FPT IS’s TradeFlat platform, meeting BIDV’s business requirements while addressing the practical needs of customers involved in international trade.
From BIDV’s side, the bank will provide strategic direction for product development within the TradeFlat-based ecosystem, positioning its banking products as core offerings and enabling the creation of complementary products within the ecosystem. BIDV will also broaden its network of partnerships and engage more customers in the digital ecosystem.
From FPT IS’s side, the company will leverage its mastery of the TradeFlat platform, along with its three decades of experience partnering with BIDV on key IT and digital transformation projects, to enhance and optimize the technology system, efficiently supporting all stakeholders in the import-export supply chain.
Signing ceremony of the partnership between BIDV and FPT IS to develop a digital ecosystem for import-export businesses.
According to the Agency of Foreign Trade (Ministry of Industry and Trade), Vietnam’s total import-export value for the first nine months of 2024 reached nearly $578.47 billion, marking a 16.3% increase compared to the same period last year. While these figures highlight the opportunities and potential of the market, businesses still face significant challenges when navigating import-export payment transactions.
Specifically, companies engaged in import-export must interact with a wide range of partners, including banks, shipping companies, insurers, customs, ports, and warehouses. However, these entities often operate independently or connect individually, lacking an overall integration to form a closed ecosystem. This results in wasted time, increased costs, additional effort, and fragmented processes throughout the transaction flow.
To address these challenges, the Import-Export Digital Ecosystem Project, under the collaboration between BIDV and FPT IS, is considered a pioneering step towards a brand new operational model of Vietnam’s import-export sector based on a digital platform. For the first time in Vietnam, a digital platform will be developed to integrate a wide array of services, including banking, shipping, customs, insurance, and logistics, all within a single system. This initiative enables stakeholders to exchange information and interact seamlessly in real time throughout the transaction process, reducing overlaps, and replacing traditional paperwork with modern one.
As Vietnam’s largest bank by total assets, amounting to VND 2.3 quadrillion, and with a customer base of nearly 500,000 institutional clients, of which more than 12,000 are import-export businesses, BIDV is committed to supporting companies in their growth and international integration. Recognizing the crucial role of technology and digital transformation, BIDV has made this one of three core pillars of its operational strategy, with the goal of becoming Southeast Asia’s leading financial institution with the best digital platform in Vietnam by 2030. In the import-export sector, BIDV aspires to provide businesses with solutions that facilitate international trade for all parties involved, harnessing the power of digital technology. The bank recognizes the essential role of establishing a comprehensive ecosystem for import and export activities.
For this collaboration, BIDV trusted and selected FPT IS as its partner for several key reasons. Firstly, FPT IS has a long-standing track record of supporting the banking sector by developing the industry’s backbone system. Secondly, it has been a major partner in many of BIDV’s critical IT and digital transformation projects. Lastly, FPT IS is a market leader in implementing cutting-edge technologies. Its development of the “Make in Vietnam” TradeFlat platform, the country’s first digital financial ecosystem, addresses overall issues of trade finance in the import-export industry. The TradeFlat platform creates a closed technology ecosystem that allows for fast, seamless, and real-time interactions, minimizing overlaps and replacing outdated paper-based procedures, creating the best experience for customers, according to Mr. Le Ngoc Lam, Chief Executive Officer of BIDV.
Mr. Le Ngoc Lam, Chief Executive Officer of BIDV, spoke at the event.
TradeFlat is Vietnam’s first online platform for processing Letters of Credit (L/C) transactions in a unified, end-to-end manner. Beyond streamlining L/C transactions, TradeFlat tackles broader challenges in trade finance, supporting Vietnamese enterprises in their trading transactions. Since its inception, TradeFlat has partnered with international trade platforms to promote cross-border commerce, including TradeWaltz (Japan), TradeWindow (New Zealand), and the China-ASEAN Information Harbor (China).
Mr. Tran Dang Hoa, Chairman of FPT IS stated, “We are proud to partner with BIDV in pioneering the creation of a digital import-export ecosystem in Vietnam. This marks a turning point in BIDV’s digital transformation journey in particular and in banking industry in general, where technology is being leveraged to create competitive advantages. With a shared vision of harnessing technology to solve challenges for Vietnamese import-export businesses, we are committed to integrating and enhancing the TradeFlat platform into a comprehensive import-export digital ecosystem that facilitates seamless trade transactions, meets requirements of local businesses, and satisfies international standards. This is also the mission that FPT IS is pursuing – using technology to shape The Next, creating new and breakthrough methods of operation for Vietnam and the world.”
Mr. Tran Dang Hoa, Chairman of FPT IS, spoke at the event.
BIDV and FPT IS have a long-standing and deep partnership, having implemented together numerous key projects in areas such as Switching systems, Cards, ATM, Servers, Security, and ERP. Most recently, both parties collaborated on transforming and integrating card systems and related applications with the Core Banking Profile System.
At the event, BIDV also signed a partnership agreement with Vinafco Joint Stock Company on warehouse management. With the vision of becoming a pioneering bank that offers comprehensive solutions for import-export enterprises, BIDV’s collaboration with two esteemed partners in technology and logistics brings it closer to achieving its goal of perfecting an import-export ecosystem that fully meets the needs of corporate clients.
