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Banking & Finance

Six banks pledge $1.14bn in finance to projects in Quang Nam

Released at: 15:16, 27/03/2017

Six banks pledge $1.14bn in finance to projects in Quang Nam

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Projects mostly in tourism, services and facilities, infrastructure, industrial zone development, hi-tech agriculture, and hospitals.

by Van Hai

Six banks - BIDV, Vietcombank, VietinBank, Agribank, LienVietPostBank, and SHB - pledged credit of VND26 trillion ($1.14 billion) for ten major projects in central Quang Nam province on March 26 at the Investment Promotion Conference.

The projects focus on key areas such as tourism, services and facilities, infrastructure, industrial zone development, hi-tech agriculture, and hospitals.

Vietcombank has signed a credit and loan agreement with the Truong Hai Automobile Joint Stock Company (THACO) and its member companies and a warehouse project belonging to the Central Gas Limited Liability Company.

BIDV signed a credit agreement for the Holiday Inn Hoi An Resort belonging to the Nam Sao Investment Joint Stock Company and for expansions to the Phu Ninh ecotourism area belonging to the Hung Cuong Tourism Investment Joint Stock Company.

Agribank, meanwhile, granted a working capital loan to the Chu Lai Floating Glass Joint Stock Company, while VietinBank pledged to finance the Nam Hoi An Resort belonging to the Nam Hoi An Development Limited Liability Company and a bridge project on the northern access road to Cua Dai Bridge and urban areas of Hoi An belonging to the Dat Phuong Joint Stock Company.

Lien Viet Post Commercial Joint Stock Bank has signed a credit agreement for an investment project completing infrastructure at the Nui Thanh town residential area and a concrete plant of the An An Hoa Limited Liability Company.

SHB Bank signed a credit agreement for the Tien Phuoc Pacific Polyclinic and Factory producing and processing products from ginseng and medicinal plants, belonging to the Danaco Quang Nam Joint Stock Company.

Banks operating in Quang Nam province had provided loans totaling more than VND46 trillion ($2.02 billion), mainly in priority sectors such as agriculture, exports, and tourism, as at the end of February.

Loans for agricultural and rural development signed under Decree No.55/2015/ND-CP dated June 9, 2015 from the government were estimated at VND7.88 trillion ($346 million), accounting for 17.12 per cent of total loans. Loans for new rural construction was estimated at VND7.3 trillion ($324.6 million), accounting for 16.03 per cent.

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