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Banking & Finance

BIDV to lend $35 million to VSIP

Released at: 09:28, 09/12/2014

BIDV to lend $35 million to VSIP

Multi-million dollar boost for VSIP Quang Ngai.

by Thong Dat

The Bank for Investment and Development of Vietnam (BIDV) will lend the Vietnam-Singapore Industrial Park Joint Venture Co. (VSIP) $35 million to develop the VSIP Quang Ngai urban, industrial and service complex under a credit contract signed on December 8.

VSIP Quang Ngai is the fifth project of VSIP, a joint venture between Becamex IDC Corporation, which holds a 49 per cent stake, and a group of Singaporean investors, led by Sembcorp, with 51 per cent.

As planned, VSIP Quang Ngai is to cover more than 1,704 hectares with total investment capital of $172.3 million. During the first stage the IP will cover an area of 458 hectares, including an industrial park (408 hectares) and a service area (50 hectares). It will attract foreign investors in the fields of food and beverage, fast-moving consumer goods, and electronic parts assembly, and others serving the oil and gas and chemicals sectors.

The project kicked off in September 2013 and now covers 300 hectares and has attracted ten foreign direct investment projects.

Besides $35 million to develop the VSIP Quang Ngai, BIDV also introduced a credit package worth VND2 trillion ($95.2 million) with a preferential interest rate for 15 years for enterprises that have the projects at VSIP Quang Ngai.

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