Nguyen Phu Thinh (C), general director of VSIP JV Co., signs the credit facility agreement in Binh Duong with representatives of Standard Chartered Bank - Photo: Quoc Hung

Standard Chartered Bank on Wednesday signed a US$25 million credit agreement with Vietnam Singapore Industrial Park Joint Venture Company (VSIP JV Co.) to spur working capital for the IP developer.

The loan with a 5-year term will go towards working capital and capital expenditures of the VSIP Binh Duong Integrated Township and Industrial Park project, or VSIP Binh Duong, which is under progress in Binh Duong Province.

Nguyen Phu Thinh, general director of VSIP JV Co., said that the agreement represents the continued confidence of Standard Chartered Bank in Vietnam and VSIP.

“We will continue with our development plans as scheduled and facilitate our tenants’ operations. The initial phase of our VSIP II in the New Binh Duong Township is already fully taken-up and the second phase is taking shape,” he said.

Louis Taylor, CEO of Standard Chartered Bank (Vietnam) Ltd., said in the statement that this financing to VSIP is strong proof of the bank’s commitment to Vietnam. “We will continue to develop this strategic partnership with VSIP with our high service quality, our value-added solutions, and our local market and cross-border capabilities,” he said.

VSIP Binh Duong has attracted about 415 direct investment projects, out of which 303 companies have commenced operations bringing in about US$3.8 billion in approved investment capital and employing over 101,000 workers.

The Saigon Times Daily