BIDV to offer $1.77 billion in funds to spur growth

The Bank for Investment & Development of Vietnam, Vietnam’s second-biggest lender, will offer VND31 trillion (US$1.77 billion) in funds to help the slowing economy, according to a statement on the bank’s website Monday.

The state-owned lender, known as BIDV, plans to allocate VND16 trillion for a fund to stimulate investment and consumption, and VND15 trillion for an export-promotion package.

The bank has submitted to the government a proposal to establish the fund and the package, it said, without providing details. BIDV’s Deputy Chief Executive Officer Phan Thi Chinh said she couldn’t immediately comment on the plan when contacted by Bloomberg News.

Vietnam’s economy grew 6.2 percent last year, the slowest pace since 1999, according to the General Statistics Office. The expansion fell short of a government target of 6.7 percent.

Bloomberg

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