The Bank for Investment and Development of Viet Nam (BIDV) has reached a deal to provide banking and investment services to real estate giant Vincom Joint Stock Co.
The long-term contract will provide Vincom with priority interest rates, executives said on June 13.
“We hope this will bring more opportunities for both of us in terms of supporting investment capital, expanding operational networks (and) diversifying business sectors,” said BIDV general director Tran Bac Ha.
BIDV’s insurance wing will also become a shareholder in Vincom Securities Co when the company goes public.
The bank and Vincom plan to combine forces on a new urban development scheme north of the Red River in Dong Anh district and a high-end complex in HCM City.
”Vincom is one of the first enterprises in the private sector that BIDV decided to cooperate with. In recent years, the private sector has been growing speedily and we highly appreciate this development,” Ha said.
The State-run bank plans to increase its lending ratio to the private sector to 85% by 2010, he said.
The agreement is designed to foster long-term, sustainable growth for both companies, said Vincom CEO Le Khac Hiep.
Vincom JC Company, wholly owned by Vietnamese investors, includes Ha Noi Vincom Tower among its stable of properties.
Source: VNA
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