VietinBank to finance new Ha Noi project

The Viet Nam Bank for Industry and Trade (Vietinbank) will provide VND846 billion (US$45.7 million) for the Viet Nam International Township Development Company’s ParkCity Ha Noi New Township project.

The bank signed the deal yesterday, of which this amount will be spent on the first and second phases of the township.

ParkCity, which will occupy a 77.4ha area in Ha Dong, has an overall investment capital of VND1.5 trillion ($81.1 million), of which 50 per cent will be raised from commercial banks

The township will have a central park, lakes, a community clubhouse, a sports centre and public and international schools. Its construction work will be in 15 phases.

“The deal with VietinBank is very significant as it will develop a visionary township in Ha Noi, as well as play an important role in the long-term business strategy of VIDC in the local market,” said Khong Sow Kee, general director of VIDC.

He added that construction work was expected to begin in March.

The project’s first and second phases will include 1,200 homes – villas, townhouses and condominiums.

Viet Nam International Township Development Co was established in March 2008. Its three main shareholders are Vinaconex-Hoang Thanh Urban Development and Investment Co, Singapore-based Pernada ParkCity and an overseas Vietnamese.

Tags: Vietinbank, Vietnam banking, Vietnam finance news

Posted by VBN on Jan 31 2010. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry