Representatives of BIDV and real-estate developer Dai Quang Minh Corporation signed a contract in HCM City on August 7. — VNS Photo

HCM CITY (Biz Hub) –– The Bank for Investment and Development of Viet Nam (BIDV) on Thursday signed a contract to lend real-estate developer Dai Quang Minh Corporation VND4.2 trillion (US$193 million) to build a bridge and other construction in a new urban area in HCM City

The loan will be used for projects in the city's District 2, including construction of the Thu Thiem 2 Bridge and a project on Mai Chi Tho Street in the new Thu Thiem urban area.

The Thu Thiem 2 Bridge connects the new urban area to the centre of District 1. Scheduled for completion in 2018, the bridge will play an important role in the development of the city's socio-economy and help reduce traffic congestion.

Dai Quang Minh Corporation develop Sala urban area project in District 2, HCM City. — VNS Photo

Last year, Dai Quang Minh was appointed to implement the project under a Build-Transfer (BT) model.

Also on Thursday, the property developer signed a contract with BIDV's South Sai Gon branch to provide financial guarantees to Dai Quang Minh's customers who buy houses and apartments in the Sala Urban Area in District 2.

The signing follows the recently amended Housing Law, which requires real estate developers to have a bank guarantee in case projects are not handed over in time.

Dai Quang Minh is a pioneer in the development of the Thu Thiem Urban Area. The company is building the Sala urban area and surrounding infrastructure. — VNS