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Banking & Finance

Three banks to serve key projects

Released at: 10:28, 13/03/2015

Three banks to serve key projects

Vietcombank, Vietinbank and Agribank to work on three major utility projects.

by Hung Nguyen

The Governor of the State Bank of Vietnam (SBV) issued Decision No. 274/QD-NHNN on March 10, appointing the Bank for Foreign Trade of Vietnam (Vietcombank) as the service bank for the Hanoi and Ho Chi Minh City Power Grid Development Project under Credit Agreements No. 3161-VIE and 8286-VIE signed between Vietnam and the Asian Development Bank (ADB) on November 7, 2014.

The General Director of Vietcombank is responsible for providing banking services to the project in accordance with Decree No. 38/2013/ND-CP dated April 23, 2013 on the management and utilization of official development assistance (ODA) and concessional loans from donors, and the guidelines of the SBV, the Ministry of Finance, and the ADB.

On the same day the SBV Governor SBV also issued Decision No. 273/QD-NHNN, assigning the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) to serve a project promoting sustainable urban transport for the Urban Railway No. 3 project, of which ADB is the donor. The project is supported by ADB in Credit Agreements No. 3235-VIE (SF) and 8291-VIE (CTF) signed on February 9 between representatives of the SBV and ADB.

The Vietnam Bank for Agriculture and Rural Development (Agribank), meanwhile, signed a VND1.047 trillion ($49.85 million) contract with the Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) to serve the Dak Mi 3 hydro power project in central Quang Nam province. The project has total investment of VND1.5 trillion ($71.42 million), with construction beginning in early 2014 and completion expected by the end of 2016. When operational, the project will provide the national grid with approximately 220.5 million kWh per year, while also promoting the socio-economy and national security and defense.

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