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Banking & Finance

BIDV supporting new Phu Quoc projects

Released at: 10:42, 05/09/2015

BIDV supporting new Phu Quoc projects

Bank signs cooperative deals on credit and banking services with two investors on island.

by Hung Nguyen

On September 4 on Phu Quoc Island the Bank for Investment and Development of Vietnam (BIDV) signed cooperation contracts with Vinpearl Phu Quoc (VPQ) and Sun Phu Quoc (SPQ) to provide capital and banking services for the under-construction complex on Hon Thom Island and cable car line connecting it with Phu Quoc Island, invested by SPQ, and the Vinpearl Hotel Phu Quoc and Vinpearl Villas (Phase 3) projects, invested by VPQ.

BIDV said that after considering the economic efficiency of the two projects and the financial capacity, experience, and management capacity of the investors it determined the two projects had a high possibility of profitability and so decided to cooperate in providing credit and banking services.  

“With the capacity of the investors BIDV believes the two projects will begin operations as planned, create job opportunities for local people, and contribute to local economic development on Phu Quoc Island and in Kien Giang province,” Chairman of BIDV Tran Bac Ha said.

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