SHB, VRG renew cooperation deal

Hanoi-based Saigon Hanoi Commercial Bank (SHB) on Thursday announced it had renewed its cooperation agreement with Vietnam Rubber Industry Group (VRG) after seven years of good ties.

By the third quarter this year, VRG’s 94 subsidiaries had conducted transactions with 14 branches of SHB in Vietnam and two branches in Laos and Cambodia.

Tran Ngoc Thuan, general director of VRG, said in a statement that SHB had supported the group in terms of finance for its new projects especially projects in rural areas.

The new deal will prioritize financing the farming and processing of rubber latex projects among others in the coming time.

By the end of June this year, the total amount of money deposited at SHB had amounted to VND79.5 trillion and its outstanding loans had reached VND58.48 trillion. The ratio of its non-performing loans (NPL) was over 9%, which the bank said could be reduced to less than 5% by the end of this year.

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