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Banking & Finance

VIB to provide property guarantees

Released at: 15:14, 26/08/2015

VIB to provide property guarantees

SBV adds VIB to list of commercial bank able to provide guarantees to future built projects.

by Hung Nguyen

After submitting a proposal on providing property guarantees, Vietnam International Bank (VIB) has been given permission to do so by the State Bank of Vietnam (SBV). There are now 36 commercial banks able to provide bank guarantees for future built property projects.

On August 12 the SBV released a list of 33 commercial banks that are able to provide such guarantees, including 24 local and nine foreign banks.

VIB was not included on this list because it had not completed its proposal.

A leader from VIB said this is a key activity in providing credit and the bank is giving it due regard, especially for projects with high potential.

VIB is also involved in implementing the VND30 trillion ($1.33 billion) credit package to support the property segment.   

Projects VIB has been working with include Skyline Tower, the Cornerstone Building, Victoria Resorts (of the Thien Minh Group), and the REE Office Building.

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