The signing ceremony between KBank and BW Industrial Development Joint Stock Company on Friday in HCM City to capitalise on Việt Nam's burgeoning logistics and industrial estate platform. — VNS

Thai bank KASIKORNBANK (KBank) on Friday signed a strategic financial partnership with BW Industrial Development Joint Stock Company (BW), Việt Nam's leading for-rent logistics and industrial platform, aiming to propel the country's industrial and logistics sectors to new heights.

Accordingly, to support BW’s projects within the ready-built factories platform in 2024, KBank HCM will provide VNĐ1.12 trillion (US$47 million) in financial support to BW through loan facilities.

This also proves KBank HCM’s capability to work with local conglomerates.

Chatuporn Boozaya-Angool, KBank general director, said: "As a seasoned player in the Vietnamese market, KBank is dedicated to leveraging our robust corporate and FDI capabilities to catalyse growth. This partnership with BW underscores our profound understanding of the local and international business landscape and its potential for expansion."

The partnership between KBank and BW Industrial Development Joint Stock Company (BW) sets ambitious goals with promising future prospects. As KBank leverages its financial expertise and commitment to the Vietnamese market, it anticipates substantial income growth from the collaboration in FY2024 and FY2025.

With a strategic focus on supporting local conglomerates and facilitating foreign direct investment (FDI), KBank aims to enhance its position as a key player in Việt Nam's financial landscape while fostering economic development.

Simultaneously, BW anticipates significant mutual benefits arising from the partnership. Beyond financial support, the collaboration promises to enhance industrial infrastructure across key provinces, facilitating the seamless operation of businesses within the sector.

By leveraging KBank's financial resources and expertise, BW aims to accelerate its ambitious expansion plans, including the launch of new projects within the ready-built factories platform.

“As Việt Nam's leading logistics and industrial real estate platform, we are uniquely positioned to meet the evolving needs of global clients seeking to establish themselves in Việt Nam. With our large land bank, operational excellence, and strong network, we are the partner of choice to capture the growth driven by the manufacturing shift as Việt Nam has emerged as the prime destination for supply chain diversification,” said BW’s CFO, Paul Wee.

This handshake marks a significant milestone in the collaborative history of the two entities. With a shared vision for growth and prosperity, this collaboration underscores the strategic importance of leveraging financial expertise and industrial leadership to drive sustainable development.

KBank has been in operation for more than 70 years, covering commercial banking, securities, and related businesses. KBank was granted a licence to establish a branch in HCM City on January 19, 2021, and the branch was established in August 2021 to provide services to local customers, including Thai business enterprises and foreign enterprises investing in Vietnam.

BW is Việt Nam’s leading logistics and industrial real estate platform with over 9 million square meters of industrial land in prime locations under control across 51 projects in 12 key provinces in Việt Nam. — VNS