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Banking & Finance

Vietinbank extends credit for Hiep Phuoc IP

Released at: 12:43, 18/09/2015

Vietinbank extends credit for Hiep Phuoc IP

Additional credit to ensure construction progress of IP's second phase.

by Son Ho

Vietinbank has agreed to increase its credit line to the Hiep Phuoc Industrial Park Phase 2 in Ho Chi Minh City’s Nha Be district, invested by the Hiep Phuoc Industrial Park JSC.

The credit line has been increased from VND515 billion ($22.91 million) to VND1 trillion ($44.49 million). According to Mr. Nguyen Van Thang, Chairman of the Board Management at Vietinbank, the increase is to ensure capital flow and construction progress at the project. The Hiep Phuoc Industrial Park JSC will use the funds for disbursement of investments in infrastructure and site clearance at the Hiep Phuoc Industrial Park Phase 2.

The Hiep Phuoc Industrial Park Phase 2 project is on 597 ha and will attract industries using high technology and clean technology such as the manufacture of building materials with advanced technology, products in engineering and precision mechanics, machinery and equipment, marine equipment, measuring equipment, advanced food processing, and industrial services such as seaport operations (maritime towage, transportation, warehousing, etc.).

With favorable conditions in terms of road transport and water transport the second phase of the IP will be capable of attracting investment in areas such as logistics, manufacturing, trade, and services, among others. This will contribute to expanding the socio-economic space in Ho Chi Minh City and to forming the Hiep Phuoc Port urban area in the future.

The Hiep Phuoc Industrial Park Phase 1 has a total area of 311.4 ha and has attracted 116 projects, 15 of which are foreign direct investment (FDI) projects with total investment of $527 million from Japan, Switzerland, Taiwan, South Korea, Singapore, France, Malaysia, Hong Kong, and elsewhere, while the remainder are domestically-invested with capital of $559 million.

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