BIC in everyone's eyes and BIC in my heart.

The Vietnam Investment and Development Bank Insurance Corporation (BIC) has many different images in the eyes of different people. It could be a young insurance company, a reputable brand, a top 5 non-life insurance company in Vietnam, or a company dedicated to social welfare... but in my heart, BIC holds so many special qualities.

From the very roots... of the seed:

BIC's predecessor was Vietnam-Australia Insurance Company, a joint venture between BIDV and QBE Insurance Company of Australia, established in 1999 and the third joint venture of BIDV after VID PUBLIC Bank and Lao-Viet Bank.

At that time, BIDV was the first bank in Vietnam to participate in insurance activities, and also the first bank to have a joint venture in this field. Back then, they knew nothing about insurance – a new institution, a novel field with different operations, products, management, and policies. The BIDV leadership simply believed that they needed to open up this activity because a Financial and Banking Group must have three main pillars of operation (Banking - Insurance - Securities) like three legs of a tripod, interconnected, supporting, and cooperating for mutual development.

The QBE - BIDV Insurance Joint Venture was established as both a milestone in expanding international cooperation in business and a step towards perfecting the organizational structure and operations, forming the framework of a future Financial-Banking Group model... But at that time, who would have thought that... This was actually preparation, a rehearsal for BIC later on... Looking back now... it's true...

That was organizational preparation. After establishing functional departments at the head office and opening branches in Hanoi and Ho Chi Minh City, regulations, procedures, functions, and responsibilities were in place to put them into operation.

That was the preparation in terms of personnel. At that time, in the Joint Venture, except for the General Director position held by the partner company, all other positions and titles (such as Chairman of the Board of Directors, Deputy General Directors, key personnel, professional staff, etc.) were filled by personnel sent or recruited by BIDV, who received thorough training from QBE according to international standards.

This involves preparing in terms of regulations, studying, absorbing, and developing legal documents on insurance, reinsurance, and insurance products, while also building upon valuable experience in the insurance business.

This involved preparing a customer base, familiarizing them with, building trust in, and encouraging them to use the non-life insurance products and services offered by QBE. Although the joint venture initially held a very small market share, it laid the foundation for expansion and the formation of long-term customers later on.

It can be said that the seven years of the joint venture were a valuable training and practice course... to create a core group of personnel who embodied the spirit of BIDV while simultaneously absorbing and implementing new professional practices, and laying the fundamental and favorable foundations for BIC's future. Besides business results, profits, and capital investment efficiency, this is the greatest achievement brought about by the joint venture. Surely, Mr. Nguyen Van Doan, Mr. Trinh Ngoc Ho, Mr. Vu Quoc Sau, and the BIDV leadership team are very pleased.

From the seedling stage... to the green tree... to the flowering and fruiting stage.

QBE seems to have been a preparatory step, a stepping stone, leading to the establishment of BIC seven years later, when the joint venture completed its mission (2005). At this time, BIDV became the first Vietnamese bank to successfully acquire the partner's stake in the joint venture. And so, BIC was born, a process of quiet growth that blossomed into the first independent non-life insurance company in the Vietnamese banking system... BIDV became the first Vietnamese bank to have its own independent insurance company – adding another business channel, another channel for providing high-end services to customers for self-protection, and another channel for ensuring credit safety.

From its roots, the BIC seed is like a young sapling growing day by day under the care of dedicated people, on the land where BIDV has taken it in and nurtured it.

In the eyes of its friends, it's easy to see that BIC has gone through two cycles of spectacular development. Cycle 1, the first ten years (2006-2015), was a period of strong growth. Skipping the "Days of uncertainty / Months of awkwardness / Years of tentative steps, " it went straight to " Days of learning / Months of stability / Years of confidence." Along with the operations of branches in Ho Chi Minh City and Hanoi, the company opened more branches and sales offices in major provinces and cities, and collaborated with foreign partners to establish joint venture insurance companies in Laos (LVI) and Cambodia (CVI) to expand its business scale. By 2010, BIC officially transitioned from a 100% state-owned enterprise invested by BIDV to a Joint Stock Company model (BIDV holding 51%)... to conduct a successful IPO... with its shares officially listed on the Vietnamese stock market (Hanoi Stock Exchange)...

In September 2013, aiming to build the BIC Holdings model, closing the insurance service supply chain for customers, BIC, together with BIDV Bank and MetLife - the number one life insurance group in the United States, signed a joint venture agreement to establish BIDV MetLife Life Insurance Company Limited.

In its second cycle (2015-2025) , BIC developed both in breadth and depth, in terms of revenue scale and capital efficiency. Ten years... built a vast business network with 37 member companies and 230 sales offices covering all 64 provinces and cities. Then, from 2020, when it reached 500 billion VND in pre-tax profit... BIC progressed rapidly, ranking in the top 5 in revenue and market share, and top 3 in profit and profitability in the Vietnamese non-life insurance market. Twenty years for BIC to affirm its position and stand firm in competition amidst a sea of long-established, large brands (such as Bao Viet) or foreign insurance brands from the US, Japan, Singapore... and specialized insurance companies of the Oil and Gas sector, and banks (Vietcombank, Vietinbank, Agribank...). And we are proud that BIC has been awarded an AAA financial credit rating in Vietnam by the reputable rating agency AM Best.

Twenty years have passed since the sapling of BIC has grown into a mature, green, blossoming, and fruit-bearing tree, contributing to the future and to BIDV. This is the result of the sweat, hard work, and tireless efforts of several generations of staff over the past 20 years. And now, BIC has entered its third cycle , full of excitement – a cycle of strong, sustainable development facing the harsh challenges of the digital age and the rapidly advancing AI technology era. It's a cycle full of challenges, speed, intelligence, and resilience, but also full of opportunities. The challenges naturally demand greater effort, faster and more thorough innovation in thinking and action to avoid falling behind and losing momentum. The opportunities stem from the advantages and benefits brought about by technological advancements, leading to higher work efficiency and productivity, creating conditions for many new, higher-quality products. This will enable BIC to develop faster, higher, and integrate more strongly into the globalized world.

BIC within the BIDV ecosystem

Along with nearly 200 other units, BIC is a member unit within the large and thriving BIDV family. But in my heart, BIC is a member unit with so many special things about it, in terms of organization, personnel, business philosophy, culture, traditions, and close relationships.

Although it is an independent economic accounting unit, its administrative structure, Party organization, and trade union organization are all closely and uniformly integrated within the BIDV system. Each BIC employee seems to embody the character, enthusiasm, and strong leadership qualities characteristic of BIDV.

Our business philosophy is to grow together with our customers in a harmonious relationship that benefits all three parties (customer - insurance company - bank), with the customer at the center - providing them with the best services and the best benefits.

It means always inheriting and promoting the fine traditions and culture of BIDV, a tradition of not shying away from difficulties, not fearing innovation, overcoming challenges to achieve sustainable development goals for each unit, and contributing to the development of the entire system.

It is a love for the profession, loyalty, and commitment to the interests of the unit and BIDV. Especially noteworthy is the close relationship between BIC and BIDV. This bond extends beyond systemic policies; it exists among individual employees and member units – 230 business offices and 37 member insurance companies – closely connected to each BIDV branch and transaction office, to each BIDV customer, and to each BIDV credit and service officer. Every result and benefit for each party stems from this close partnership. And every BIC employee feels happy to be part of the BIDV family, a place where everyone lives and works in a friendly, open environment, where they are respected, encouraged to be creative and contribute, given opportunities for development and advancement, and where their material and spiritual well-being is ensured and cared for.

Within the BIDV ecosystem, BIC is like a green tree, providing shade and support to the BIDV forest, standing firm against storms, blossoming and bearing fruit for life, and making a worthy contribution to the green journey.

I think that BIC's employees are always proud to be children of BIDV, inheriting a valuable and precious legacy. I also think that BIDV is very proud of BIC, like a mother proud of her child, the culmination of a beautiful love and accumulated experience over 20 years, with the passionate and determined people of BIC... This is the foundation for the entire system to always believe in BIC's development journey, which is still arduous and full of difficulties, but will certainly succeed. And perhaps that love is the source of strength and the source of BIC's success.

As one of the remaining members of the previous generation, having witnessed the birth, growth, and success of BIC today, I, like my retired colleagues, am truly amazed and moved.

It's wonderful that ideas conceived 30 years ago have now culminated in success. I'm so proud of the students who have gone through these experiences.

"A day of effort / A month of harvest / A year of bountiful yield"

Through "Days of companionship / Months of love / leading to a year of happiness".

The students have gone through the journey of "Day of Passion / Month of Aspiration / Year of Commitment"...

Let's move forward today with the experience of "Day of Steadfastness / Month of Courage / Year of Confidence."

Wishing BIC continued strong growth in its vibrant 20th year.

Wishing you all success and happiness. May BIC and you all always remain true to BIC!

- It 's B - Better (always strive to be better than yesterday), and be Best (become the best version of yourself).

- It is I - Innovation (always innovating, dynamic, improving, constantly renewing itself to keep pace with the digital age, innovating in thinking, actions, and products...).

- C stands for Creativeness, Collectivity, and Compability (creativity, intelligence, professionalism, adaptability, and a commitment to working towards a common goal).

Good luck!

January 2026