BIDV, Shipbuilder Ink Credit Deal
The Bank for Investment and Development of Vietnam (BIDV)-Hai Phong arm and Pha Rung Shipbuilding Limited Company on April 3 signed a credit agreement worth VND677 billion to guarantee ships being built to be exported to South Korea.
Accordingly, the BIDV Hai Phong will guarantee refunds of cash advanced for four newly built oil and chemical tankers for South-Korean-based Fortune Marine Limited Company.
Prior to this move, the bank had signed a credit guarantee contract worth VND145 billion with YN Shipping Limited Company of South Korea so that Pha Rung company could build an oil and chemical tanker.
To date, the BIDV Hai Phong has guaranteed and supplied more than VND820 billion worth of credit for Pha Rung Company to build five oil and chemical tankers.
Vietnam Economic Times
Vietnamese
