BIDV Provides VND1,500Bln Support for HCM City

3:26:38 PM | 7/8/2005

The Bank for Investment and Development of Vietnam (BIDV) on April 24, 2005 signed four contracts on sponsoring and co-operating with the Ho Chi Minh City Urban Development Fund to provide financial support for the city.

Accordingly, BIDV provides a ten-year loan valued at VND468.4 billion, equal to 92 per cent of a project on manufacturing 1,316 buses for the city’s public transport service, a VND310 loan for the Construction Corporation N0 1 to beefing up the corporation’s working capital for its construction of the Thu Thiem bridge. The bank will help mobilise US$60 million for the Binh Minh Import and Export Company (Bitexco) to build its Financial Tower. It signed a co-operation contract with Bitexco, providing loans for those who buy houses built by the company, which can be equal to 70 per cent of the value of houses or flats with negotiable interest rate for ten years.

Tran Bac Ha, general director of BIDV, said that in 2005, BIDV would promote its financial support and investment, thus promoting the country’s economic development.

K.D