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Banking & Finance

Vietcombank provides credit to PCC1

Released at: 18:55, 14/07/2015

Vietcombank provides credit to PCC1

Power Construction JSC No. 1 to receive $86.65 million package for projects and working capital.

by Hung Nguyen

Vietcombank has signed a contract with the Power Construction JSC No. 1 (PCC1) to provide services and a credit package worth VND1.89 trillion ($86.65 million).

A long-term VND890 billion ($40.8 million) credit will be used for the Bao Lam 3 Hydroelectricity Project and a short-term VND1 trillion ($45.85 million) credit for working capital.

Vietcombank will also provide financial services to PCC1 such as underwriting, cash management, financial advisory, bond issuance, and foreign currency provision for its importing and exporting contracts.

PCC1 targets recording revenue of $1 billion by 2025 and to become one of five largest companies in Southeast Asia in terms of developing electricity and conducting engineering, procurement and construction (EPC) contracts, according to Chairman Mr. Trinh Van Tuan.

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