BIDV to Finance Vinafood 1 in 2009-2010
The Bank for Investment and Development of Vietnam (BIDV) will provide a total credit of VND2,500 billion to the Vietnam Northern Food Corp (Vinafood 1) between 2009 and 2012.
Of the sum, the Hanoi-based lender will give VND500 billion in short-term capital to Vinafood 1. The remaining VND2,000 billion are medium- and long-term loans for the corporation to build food preservation warehouse and trade center.
The loans are part of a comprehensive cooperation agreement recently signed between BIDV and Vinafood 1.
In addition, BIDV has pledged to provide a maximum soft credit of VND3,000 billion for Vinafood 1 to purchase rice from farmers for reserves.
BIDV, the country’s second largest state-owned banks by assets, currently has a chartered capital of VND8,755 billion. (nongnghiep.vn)
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