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  Banking Finance

BIDV to get involved in real estate projects

The Bank for Investment and Development of Viet Nam (BIDV) plans to offer new banking services for real estate projects in the third quarter this year after receiving approval from several large construction corporations.

Under the new service, landowners and investors developing real estate projects could enlist the help of BIDV in the capacity of financial manager, making the bank a key factor in housing development projects. Investor confidence would be improved while the development of projects would be more effective, it said.

BIDV general director Nguyen Bac Ha said the bank could also provide capital for construction projects, receive authorisation to manage capital, and provide loans for people hoping to buy residences in housing projects. The bank would thus be supporting investors with secure capital sources and helping prospective homebuyers, he said.

Nguyen Quoc Hiep, general director of Contrexim Holdings Corporation, agreed, saying the new measure would ensure project financing is in capable hands while securing mortgages for homebuyers is easier.

To help develop the real estate market, Ha said BIDV has proposed establishing real estate transaction centres to create favourable conditions for real estate transactions.

BIDV previously said it would provide VND1-1.5 trillion (US$62.9-94 million) in loans for housing projects in the next year.

Vietnamnews - (21/04/2006)

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