The Bank for Investment and Development of Vietnam (BIDV) has signed a contract with seven foreign partners to borrow a total of US$140-million loan.
The seven lenders are Cathay United Bank, China Construction Bank, Indovina Bank, Far East National Bank, Shanghai Commercial and Savings Bank, Vinasiam Bank, and Hua Nan Commercial Bank.
The syndicated loan will enable BIDV to increase capital capacity for national development projects. It is the largest sum of its kind ever granted to a Vietnamese bank, showing the lenders’ trust in BIDV performance.
Over the years BIDV has focused on mobilizing capital sources overseas with conceivable interest rates, and the loans have also increased in value year on year.
At the signing ceremony, Juan Feng Li from Cathay United Bank said that BIDV is a good choice for lenders.
BIDV Deputy General Director Quach Hung Hiep said BIDV will follow the strict regulations set out in the contract and use the loan according to the current law.