BIDV, Vietnam Airlines Ink VND7 Tln Deal

The Bank for Investment and Development of Vietnam (BIDV) and Vietnam Airlines signed an agreement totaling VND7 trillion in Hanoi on March 6 regarding comprehensive cooperation for the 2009-2010 period and credit contracts for the airline’s key projects.

      

Under the terms of the agreement, Vietnam Airlines and BIDV affirmed a strategic partnership in line with each side’s strategies and plans to develop their areas of strength, tap their own potentials, improve the efficiency of their business and sharpen their competitive edges.

 

The BIDV’s credits will enable Vietnam Airlines to fund its operations and feasible projects in 2009-2010.

     

This year, BIDV will provide capital to fund Vietnam Airlines’ most important projects, such as the construction of a hangar for the maintenance of the latter’s fleet of A75 airplanes, building a Tan Son Nhat center for express-delivery goods and the establishment of a pilot and cabin crew training centre.

     

In return, Vietnam Airlines will give BIDV the opportunity to invest in its projects, and will give priority to BIDV in accessing its banking services and in participating in investment development cooperation programs.

     

BIDV and Vietnam Airlines representatives also signed credit contracts exceeding VND320 billion for two joint projects. (Investment)