BIDV Finances US$6.25Mln in High-RiseBuilding Project
The Bank for Investment and Development of Vietnam (BIDV) May 21 signed a credit contract worth VND100 billion (US$6.25 million) with Dong Duong Investment JS Company to build a high-rise complex of offices and apartments in Hanoi.
The loan will have a 7-year maturity, including a 2-year grace period.
The project, estimated to cost VND195 billion (US$12.2 million), will construct the 25-storey Ngoc Khanh Plaza with two basements and six automated basement garages capable of accommodating 200 cars.
It will also be equipped with nine elevators and an automated firefighting system.
Construction is expected to take 16 months, with completion scheduled for October 2008.
Once operational, it will be among the top five high-end building complexes in Hanoi.
BIDV is one of the biggest Vietnamese state-owned commercial banks. Its first quarter profit is reported at VND750 billion, compared with VND2 trillion set for the whole year. (Urban & Economy)
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