Director General of the Bank for Investment and Development of Vietnam (BIDV) Tran Bac Ha said that the bank has got the permission from the Prime Minister to cooperate with several economic groups to establish the ASEAN hydropower joint stock company. In the first phase of operation, the company would focus on the hydropower projects in Laos and Cambodia.
Prior to that, the Prime Minister has allowed the bank to join forces with five economic groups to undertake the project on HCM City – Long Thanh – Dau Giay highway, which has the total investment capital of up to VND11tril ($687.5mil). In addition, BIDV has been permitted to team up with several state owned corporations to develop the project on Hai Ha sea-born economic zone in the northern province of Quang Ninh.
Most recently, BIDV signed an agreement on strategic cooperation with the Vietnam Post and Telecommunication Group (VNPT), under which, the two sides will consider setting up investment funds in the fields of energy, telecommunication, real estate and mineral, in which VNPT and BIDV will be strategic shareholders.
The Vietnam Bank for Foreign Trade (Vietcombank) has been assigned to team up with the Vietnam Development Bank (VDB) to raise funds for the Hanoi – Hai Phong highway project, which will be undertaken under the mode of BOT (build, operate, transfer).
Commercial banks, both state and joint stock ones, now tend to cooperate with powerful economic groups to expand their business scope.
Several days ago, the Saigon – Hanoi Joint Stock Bank (SHB) reached an agreement on comprehensive cooperation with the Coal and Mineral Industries Group (CMIG) and the Vietnam Rubber Group (VRB).
Under the agreement, CMIG and VRG will purchase SHB’s shares to become strategic shareholders of SHB right in 2007. SHB has the right to purchase preferential shares of the two groups once they are equitised. SHB has pledged to give financial support to CMIG and VRB, provide capital and syndicated loans to fund big projects to be run by the two groups. In addition, the involved parties will also consider making capital contribution to set up new entities.
Other commercial banks, including the Mekong Housing Development Bank, have signed agreements on strategic cooperation with VNPT. Power and oil and gas groups have also made capital contribution to An Binh Bank (ABB) and Global Bank (G-Bank).
Source: VNN
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