BIDV to sell VND1.5-trillion debt to VAMC Hong Phuc By Hong Phuc - The Saigon Times Daily HCMC – Bank for Investment and Development of Vietnam (BIDV) will transfer around VND1.5 trillion in bad debt to Vietnam Asset Management Company (VAMC), a source told the Daily on Tuesday. BIDV is the third State-owned bank to sell bad debt to VAMC after Agribank and Mekong Delta Housing Development Bank (MHB), which have sold VND8 trillion and VND500 billion to the debt trading firm respectively. BIDV may receive approval to list its stock under the code BID on the Hochiminh Stock Exchange within the next two weeks. The current regulations require the bank to list within 90 days from the date of a listing license being issued. Nguyen Quoc Hung, permanent vice chairman of VAMC, said the company had bought over VND18 trillion in original debt as of Tuesday through the VND14.7 trillion special bond issues. The enterprise expects to approve purchases of more debt batches this week. There … [Read more...] about BIDV to sell VND1.5-trillion debt to VAMC
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BIDV seeks Japan partners to promote tourism and agriculture cooperation
BIDV seeks Japan partners to promote tourism and agriculture cooperation The Saigon Times Daily HCMC - The Bank for Investment and Development of Vietnam (BIDV) looks to work with Japan’s localities, organizations, enterprises and banks to help promote tourism and high-tech farming cooperation between the two countries. BIDV chairman Tran Bac Ha raised the point at a meeting with Furuta Hajime, governor of Japan’s Gifu Prefecture in Hanoi on Wednesday, according to the Vietnam News Agency. In the past, BIDV worked with the Japanese prefecture in multiple sectors and served as a bridge between Gifu and the Vietnamese provinces of Nghe An and Binh Dinh. The bank often organizes conferences for Vietnamese firms to explore investment opportunities in Japan. In July, it will coordinate with the Vietnamese embassy in Japan and the Vietnam National Administration of Tourism (VNAT) to hold a forum on tourism and investment ties between central Vietnam and Japan. BIDV has … [Read more...] about BIDV seeks Japan partners to promote tourism and agriculture cooperation
BIDV unveils merger plan with MHB
BIDV unveils merger plan with MHB Thao Nguyen By Thao Nguyen - The Saigon Times Daily HCMC – The brand of Mekong Housing Bank (MHB) is likely to vanish in the future as the Bank for Investment and Development of Vietnam (BIDV) has announced a merger plan with MHB. BIDV will seek approval of shareholders for the merger at its annual general meeting (AGM) tomorrow. The merger will result in a possible share swap at a 1:1 ratio, meaning a MHB share will be converted into a BIDV share. MHB will also present the plan to shareholders at its AGM on the same day. According to a leader of the central bank, the agency has given the nod to the share swap ratio. BIDV’s chartered capital is eight times larger than that of MHB and by the end of 2014, BIDV’s total assets were 14.5 times greater than those of MHB. However, as the State still holds a majority stake at the two lenders, the nature of the merger is just gathering State ownership into one lender. In fact, MHB … [Read more...] about BIDV unveils merger plan with MHB
BIDV sets aside VND2 tril. for budget housing projects
BIDV sets aside VND2 tril. for budget housing projects Lending rate of 10% for customers of Nam Do Complex By Quoc Hung and Tu Hoang - The Saigon Times Daily HCMC, HANOI – Bank for Investment and Development of Vietnam (BIDV) will provide VND2 trillion as middle and long-term loans with preferential rates for developers of housing projects for low-income earners and workers at industrial parks. This is the content of the agreement signed between BIDV and the Ministry of Construction on Wednesday. The supporting loans will be given out in 2012 and 2013. According to BIDV, the program will prioritize the projects in big cities and areas with large numbers of workers. The bank will coordinate with the construction ministry to review and evaluate the housing projects for low-income people in urban areas and workers at industrial parks so that BIDV can sign loan contracts, disburse and recover lending capital. BIDV has signed financing agreements with owners of several low-cost … [Read more...] about BIDV sets aside VND2 tril. for budget housing projects
VinaCapital, BIDV offer soft loans to Azura condo buyers
By Thanh Hai - The Saigon Times Daily DANANG – VinaCapital, in partnership with BIDV, has launched a preferential credit program targeting homebuyers of the Azura luxury condo project in the central coastal city of Danang, said an executive of VinaCapital. Under the special lending program, BIDV will provide secured loans for Azura homebuyers at an annual rate of 12% but the borrowers will only have to pay 9% while the project owner will bear the remainder for two years’ time. According to Le Minh Phuc, general director of VinaCapital Danang, his firm has sold out 40% of over 200 apartments of the project. With the soft loans available, he expected there will be more buyers registering for the flats. Phuc said VinaCapital in the near future will shift to investing in medium-level apartments in order to meet rising housing demands of various target clients. Located by the Han River, the 34-floor Azura condo building comprises a commercial area, convention center, hotel, … [Read more...] about VinaCapital, BIDV offer soft loans to Azura condo buyers