Following the signing of the loan agreement, the bank will provide 80 per cent of the funds for the third phase of the Vinpearl Villas Phu Quoc project, which comprises a complex of hotels and villas, a 27-hole golf course, a hospital and an entertainment centre, worth a total investment of VND2 trillion ($95.2 million). — File Photo

KIEN GIANG (Biz Hub) — The Bank for Investment and Development (BIDV) will give a VND12-trillion (US$571 million) loan to property developers VinGroup and the Sun Group, which are developing projects in Phu Quoc Island.

Following the signing of the loan agreement, the bank will provide 80 per cent of the funds for the third phase of the Vinpearl Villas Phu Quoc project, which comprises a complex of hotels and villas, a 27-hole golf course, a hospital and an entertainment centre, worth a total investment of VND2 trillion ($95.2 million).

The complex aims to host an expected three million visitors on the island in 2020 and seven million tourists by 2030.

BIDV will also raise 70 per cent of the VND10 trillion ($476 million) loan for the Sun Group, which is building a complex of projects that include an 8km cable car route, an ocean recreational centre and villas for rent and sale in An Thoi town and Thom Island.

Last month, Cathay United Bank, a Taiwanese commercial bank, agreed to loan BIDV $105 million in a memorandum of understanding on comprehensive co-operation.

BIDV and Japan's Kyoto Bank also inked a memorandum of understanding for offering banking services to Japanese businesses and investors in Viet Nam.— VNS