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LPBank and Hung Thinh sign $211 million credit deal
LPBank and Hung Thinh Corporation formalised a credit contract of VND 5 trillion (approximately $211 million) in Hanoi on October 30 that, according to those present, should go some way to help stimulate recovery in the property market.
The deal, part of a comprehensive cooperation pact signed on October 5, earmarks substantial funds from LPBank for the real estate projects undertaken by Hung Thinh Corporation and its affiliated companies.
This significant financial arrangement echoes the intent of Directive No.993/CD-TTg, aimed at energising real estate loans to stimulate the property market. LPBank has emphasised its commitment to prioritising loan policies with flexible interest rates and proactive cost-cutting measures to reduce overall interest levels with this deal.
LPBank's CEO, Ho Nam Tien, praised Hung Thinh Corporation's development efforts, stating, "This credit package is emblematic of our commitment to cooperation and will foster mutual growth between LPBank and Hung Thinh Corporation. The bank remains steadfast in its support of alleviating capital-related constraints to deliver efficient and secure financial solutions."
Nguyen Dinh Trung, chairman of Hung Thinh Corporation, speaking at the announcement, said, "The real estate market has faced numerous challenges recently. This collaboration is a timely and positive response from the bank, aiming to alleviate those difficulties. The credit package from LPBank will unlock the capital bottleneck for enterprises within Hung Thinh Corporation and the hundreds of contractors engaged in ongoing projects.”
"This influx of capital will be particularly beneficial for the market as it will create tens of thousands of jobs and provide affordable housing, particularly for young families," Trung added.
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