Vietcombank pioneers the role of leading bank in arranging capital for large projects

VietnamPlusVietnamPlus16/07/2024

With the recent arrangement of capital worth 1.8 billion USD for Long Thanh International Airport Project and other major projects, Vietcombank 's reputation, position and role are once again affirmed.

The Prime Minister and delegates took souvenir photos and congratulated the success of the signing ceremony between ACV and the joint venture banks Vietcombank, BIDV, and VietinBank. (Photo: Vietnam+)

In recent times, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has always been the leading bank chosen to arrange capital for important projects of the country. Accordingly, on June 1, 2024, in Hanoi, Vietcombank and Vietnam Airports Corporation (ACV) signed a credit contract (syndicated capital) worth 1.8 billion USD for Component Project 3 - Essential works in the airport under the "Long Thanh International Airport Construction Investment Project - Phase 1" co-financed by Vietcombank with Vietinbank and BIDV. Also in June 2024, Vietcombank and Vietnam Expressway Corporation (VEC) also signed a Framework Contract to finance the Ho Chi Minh City - Long Thanh section expansion project under the Ho Chi Minh City - Long Thanh - Dau Giay Expressway Project. In May and June 2024, Vietcombank also signed contracts with other Groups and Corporations for major projects.
Vietcombank is the leading bank in arranging medium- and long-term foreign currency credit for PVN's projects based on competitive capital arrangement value, interest rates, and loan terms.
Component project 3 - essential works in the airport under the "Long Thanh International Airport Construction Investment Project - Phase 1" requires a huge capital of 1.8 billion USD. Under the direction of the State Bank of Vietnam, Vietcombank has closely coordinated with the joint venture banks (VietinBank and BIDV) to successfully arrange a financing of 1.8 billion USD, equivalent to about 45% of the total investment of the project, in which Vietcombank is the lead bank participating in financing 1 billion USD, VietinBank sponsoring 450 million USD and BIDV participating in 350 million USD. The prompt arrangement of the above large-scale financing source has promptly supported the investor ACV to sign construction contracts with contractors, meeting the project implementation schedule under the close direction of the Prime Minister. The event of arranging capital for the Long Thanh International Airport Project affirms the outstanding capacity of State-owned commercial banks in arranging the largest medium- and long-term foreign currency credit of the banking industry to date. This is the project with the largest capital funding amount in the banking industry and is also the first project to be arranged entirely with medium- and long-term USD sources from Vietnamese commercial banks, specifically State-owned commercial banks, with more competitive conditions than the option of ACV investor borrowing capital directly from international financial institutions. The Long Thanh International Airport Project Phase 1 is a particularly important national project, of great significance to the socio-economic development of Vietnam with an investment scale of 1 runway and 1 passenger terminal along with synchronous auxiliary items with a capacity of 25 million passengers/year and 1.2 million tons of cargo/year. Speaking at the signing ceremony, Prime Minister Pham Minh Chinh highly appreciated Vietcombank for its close coordination with the Vietnam Airports Corporation (ACV) and the joint venture banks (VietinBank and BIDV), under the direction of the State Bank of Vietnam and the State Capital Management Committee at Enterprises to successfully arrange capital for the project and successfully organize this event. Not only is Vietcombank the focal bank arranging capital for Long Thanh International Airport, it also arranged capital for the Ho Chi Minh City - Long Thanh section expansion project under the Ho Chi Minh City - Long Thanh Expressway Project.
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Petrovietnam Deputy General Director Duong Manh Son and Vietcombank Deputy General Director Nguyen Viet Cuong signed a framework contract to arrange credit for the Block B project chain.

On June 6, 2024, in Hanoi, Vietcombank and Vietnam Expressway Corporation (VEC) signed a framework contract to finance this project. The Ho Chi Minh City - Long Thanh Expressway expansion project is very important for Long Thanh International Airport. This expressway meets the huge demand for transporting passengers and goods from Ho Chi Minh City to Long Thanh International Airport and vice versa. Also in May and June 2024, Vietcombank (branches) also signed with corporations and companies in the field of clean energy - "green" projects. On May 6, 2024, Vietcombank Hanoi signed a cooperation agreement between Vietcombank Hanoi and Goldwind Group - a multinational corporation manufacturing wind turbines with a business network in 38 countries, the largest wind power supplier in the world. On June 13, 2024, in Hanoi, a memorandum of understanding was also signed between Vietcombank Hoang Mai and Envision Energy Vietnam Limited Liability Company. Envision Group manufactures wind turbines and has supplied turbines to 11 projects in Vietnam with a total of 231 turbines and a total capacity of 796.5 MW. Providing credit for green projects is the bank's key task in the coming time to realize the Government's commitment at COP26 with the goal of reducing emissions to zero by 2050. Remember 20 years ago, when the Dung Quat Oil Refinery Project was in its early stages, Vietcombank was also the first bank to commit to lending with the highest capital of 250 million USD at that time. With the arrangement of capital worth 1.8 billion USD for the Long Thanh International Airport Project and other recent major projects, Vietcombank's reputation, position and role have once again been affirmed./.

Vietnam+

Source: https://www.vietnamplus.vn/vietcombank-tien-phong-vai-tro-ngan-hang-hang-dau-thu-xep-von-cho-cac-du-an-lon-post964929.vnp

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