Two sign cooperative agreement for activities in the southern province.
The Bank for Investment and Development of Vietnam (BIDV) and Becamex IDC Corp. signed a comprehensive cooperation agreement on December 11 with the target of contributing to socioeconomic development in southern Binh Duong province.
The provincial government appreciates the effectiveness of the cooperation between BIDV and Becamex to date, Deputy Chairman of the Provincial People’s Committee Tran Thanh Liem told the signing ceremony. Provincial leaders will create all favorable conditions possible for the cooperation to achieve great success.
This is the third time the two have renewed the agreement for a five-year period.
They will promote their advantages to exploit their potential and diversify their business activities. The agreement is also expected to improve their competitiveness and contribute to growth in Binh Duong in the 2015-2020 period.
BIDV will arrange capital or directly finance Becamex IDC and its subsidiaries to develop feasible projects, with a maximum credit of VND15 trillion ($666.6 million).
The credit will focus on projects in developing urban areas and infrastructure at Binh Duong New City, developing infrastructure at the Bau Bang Industrial Zone and the Becamex Binh Phuoc Industrial Zone, projects in the development of the education and healthcare sectors, and projects in developing industrial parks and commercial and service areas developed by VSIP (Vietnam Singapore Industrial Park) in Binh Duong, Quang Ngai, Nghe An, and Hai Phong.
The bank is also committed to providing Becamex IDC and its affiliates with a diverse range of banking and financial products and services, such as payment services and centralized capital management, deposits, guarantees, trade finance, foreign exchange trade, securities services, and bond issuance, among others.
According to Mr. Tran Bac Ha, Chairman of BIDV, the bank will continue to accompany Binh Duong in completing its targets in socioeconomic development in the 2015-2020 period. Based on its relationship with foreign partners, BIDV will coordinate with the provincial government in attracting foreign investors, focusing on those from Japan, Taiwan, South Korea and Singapore, Mr. Ha said.
BIDV was the first bank to be present in Binh Duong when the province was re-established in 1997 and have worked with Becamex IDC since then.