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Banking & Finance

Vietcombank offers to finance Tan Son Nhat expansion

Released at: 16:50, 14/03/2017

Vietcombank offers to finance Tan Son Nhat expansion

Photo: vietcombank

Bank proposes it meet all lending needs of ACV in HCMC airport expansion.

by Hai Van

Vietcombank has proposed it finance all of the lending needs of Airports Corporation of Vietnam (ACV) in expanding capacity at Ho Chi Minh City’s Tan Son Nhat International Airport, in the form of independent financing or focal arrangement of capital.

Vietcombank Chairman Nghiem Xuan Thanh said that the expansion is a key project that will not only bring about higher economic efficiency but also many socio-political benefits.

According to a proposal from the Civil Aviation Administration of Vietnam, Tan Son Nhat will be expanded from 574 ha to 612.2 ha by reclaiming land now used for a golf course and defense to build new railway stations at terminals T3 and T4, widen aircraft aprons, and improve road access.

The total cost of the expansion is some VND19.35 trillion ($848.6 million), with State capital to be mobilized for the airport works and the remainder to be financed by private investors and ACV.

Vietcombank saw 2016 after-tax profits surge 28 per cent while its bad debt ratio was kept at 1.48 per cent as at December 31, its consolidated financial statement for the fourth quarter of 2016 reveals.

Pre-tax profit stood at VND2.2 trillion ($97 million) in the fourth quarter, for VND8.5 trillion ($377.5 million) during the year as a whole, up 24 per cent against 2015. After-tax profit reached VND6.85 trillion ($303.3 million), up 28 per cent.

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