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Thomson Reuters : BAC A BANK earns eminent award from International Finance Magazine

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by December 17, 2016 General

Locally-owned lender BAC A BANK has just won a high-profile award of “The leading bank in social responsibility in Vietnam in 2016” organised by Thomson Reuters’International Finance Magazine.The bank was granted the award in Singapore thanks to its significant contributions to Vietnam’s social security, and its business achievements over the past years.The International Finance Magazine Awards celebrates excellence in its purest form. An event that recognises and honours individuals and organisations in the international finance industry that make a significant difference and add value, the award is one that will herald the highest standards of innovation and performance.Thai Huong, who is general director of BAC A BANK, said that this prominent award has reflected the bank’s unique development path, which is focussed on providing investment consultancy for hi-tech agricultural projects.“BAC A is quite different from many other commercial banks. We have selected the agricultural sector for our investment, in addition to providing clients with assorted services such as loans, saving and guaranteeing,” Thai Huong said.“We also concentrate on providing investment consultancy for sustainable-development and community-oriented projects. We have successfully combined Vietnam’s strengths, including brainpower and natural resources, with the world’s modern scientific and technological achievements,” said Thai Huong, who is also chairwoman of TH Group.After more than 20 years of development, the bank has been expanding its operation into a multi-functional bank model, with a priorities placed on community-oriented and environmental-friendly projects.Since 2008, BAC A BANK has provided investment consultancy for TH Group, which has successfully built a $1.2 billion dairy cow and fresh milk production project in the central province of Nghe An’sNghia Dan district.In May 2015, the Asian Record Organisation recognised the project as “The largest concentrated high-tech applied dairy farm complex in Asia.”Since the participation of TH Group in Vietnam’s milk market in 2009, the country’s ratio of fresh milk to the total supply soared from 5 per cent in 2009 to 30 per cent in 2015.In May 2016, TH Group began the construction of the first stage, worth $500 million, of a $2.7 billion high-tech concentrated dairy and fresh milk production project in Russia, which officially marked Vietnam’s largest agricultural and foodstuff project in Russia.Also under support from BAC A BANK, many other agricultural projects have been implemented, such as TH Herbals focused on planting and processing precious herbs and supplementary foodstuffs, and a project on producing safe vegetables.Besides, TH Group recently put into operation the first stage, worth $100 million, of its modern wood processing plant in Nghe An. The plant covers programmes on sustainable development of forests in the province.By Thanh Tung(c) 2016 Vietnam Investment Review Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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