Banks join hands to connect builders

Thursday, Jun 12, 2014 16:31

Bank representatives sign agreement to connect constructors, in Ha Noi on Wednesday. — Photo

HA NOI (Biz Hub) — Eight banks, on Wednesday, signed agreements to provide services that help link subjects involved in construction and traffic development.

The banks are BIDV, Agribank, Vietinbank and Vietcombank. VNCB, SHB, LienVietPostBank and MHB make the up the eight. They will connect with each other as well as associate investors, contractors and building material suppliers.

The move follows a scheme of the State Bank of Viet Nam, which aims to foster transparency and publicity in the construction and traffic areas. This will help improve market confidence and revive real estate investments and operations.

On Wednesday, some of the banks were committed to financing about VND6.15 trillion, or US$292.86 million, for four projects, which have a combined investment capital of nearly VND7.78 trillion, or $370.48 million.

BIDV will fund about VND1.45 trillion, or $69.05 million, for a cultural park in central Da Nang City worth VND2.1 trillion, or $100 million..

This bank will also reserve VND1.36 trillion, or $64.76 million, for a national highway expansion project in the Central Highlands province of Gia Lai, which costs nearly VND1.78 trillion, or $84.76 million in total.

SHB will finance over VND1 trillion, or $47.62 million, for a highway project in central Quang Nam Province, which requires nearly VND1.26 trillion, or $60 million, in total investment.

Vietinbank will sponsor about VND2.34 trillion, $111.43 million, to implement a highway project in central Khanh Hoa Province worth VND2.64 trillion, or $125.71 million..

The banks said they expected the linkage to benefit end users and the economy. — VNS

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