BIDV to Lend US$887.57 Mln to Vinalines in 2009-11
The Bank for Investment and Development of Vietnam (BIDV) Jan 5 signed a comprehensive cooperative agreement with the Vietnam National Shipping Lines Corp (Vinalines), under which BIVD will lend VND15 trillion (US$887.57 million) to Vinalines in 2009 to 2011.
Vinalines will use loans to invest in developing its seaports, fleets and marine services during the time.
The two sides will work together in banking, financial, insurance, underwriting and securities services.
The agreement had diversified their cooperation by branching into business improvement and increased efficiency and competitiveness, the Hanoi-based bank.
Vinalines estimates its 2008 revenues at VND20.9 trillion (US$1.2 billion), up 41 per cent on-year and 10 per cent ahead of its plan.
The BIDV plans to sell shares this year to become the third State-owned bank to go public, behind to Vietcombank and Vietinbank. (Investment, Liberated Saigon)
Vietnamese
