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Banking & Finance

BIDV to increase credit in Mekong Delta

Released at: 09:06, 22/08/2015

BIDV to increase credit in Mekong Delta

Bank commits to further credit at meeting on Mekong Delta's socio-economic development.

by Hung Nguyen

On August 21 the Southeast Steering Committee (SSC), in cooperation with the Ministry of Planning and Investment (MPI), the Can Tho City People’s Committee, and the Bank for Investment and Development of Vietnam (BIDV), held a conference on the Mekong Delta’s socio-economic development in the 2016-2020 period and vision to 2030.

In the 2016-2020 period and beyond the Mekong Delta is to develop towards being a national center of agriculture and fishery products with high growth rates and sustainability. Developing social factors to be a bridge for the country’s integration, trade and economics, increasing cooperation with other countries in the region, and firmly securing political security and national defense are also goals for the Mekong Delta’s development in the future, said Mr. Nguyen Phong Quang, Deputy Head of the SSC.

To support development, Mr. Tran Bac Ha, Chairman of BIDV, said that in the 2016-2020 period the bank commits to increasing credit provision in the Mekong Delta from the current VND30 trillion - VND35 trillion ($1.33 billion - $1.55 billion) to VND116 trillion ($5.15 billion) in 2018 and VND160 trillion ($7.11 billion) in 2020.

Regarding key projects in the Delta, Mr. Ha said the bank would provide VND10 trillion to VND15 trillion ($444.5 million to $666.75 million) to implement the Quan Chanh Bo Canal and Cho Gao Canal projects, and provide credit totaling VND12 trillion to VND15 trillion ($533.40 million to $666.75 million) to develop infrastructure on Phu Quoc Island.

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