LPBank & Hung Thinh Corporation sign $205mln credit contract

On October 30 in Hanoi, the Lien Viet Post Joint Stock Commercial Bank (LPBank) and the Hung Thinh Corporation signed a credit agreement for VND5 trillion ($205.2 million), aimed at specifying the comprehensive cooperation commitment the two parties signed on October 5.

Under the agreement, LPBank will provide funds for Hung Thinh’s real estate projects and its subsidiaries, to be disbursed according to specific targets to continue building and developing projects.

“The credit package is the specific implementation of a comprehensive cooperation commitment and joint development between LPBank and Hung Thinh,” said Mr. Ho Nam Tien, CEO of LPBank. “The bank accompanies and supports Hung Thinh in overcoming capital difficulties, providing effective and secure financial solutions, and helps enterprises stabilize operations and quickly overcome the economic difficulties.”

“This also reaffirms that LPBank is one of the leading banks in implementing government policies and State Bank of Vietnam policies in supporting and accompanying enterprises and people to access credit conveniently and safely.”

“The real estate market has encountered many difficulties in the past time,” said Mr. Nguyen Dinh Trung, Chairman of the Hung Thinh Corporation. “This is very positive and timely cooperation, demonstrating the bank’s determination to help the market overcome these difficulties. LPBank’s credit package helps untie capital knots for businesses under the Hung Thinh Corporation and hundreds of contractors in ongoing projects. I believe that the capital will have a positive impact on the real estate market, contributing to creating tens of thousands of jobs for workers and providing affordable homes for people, especially young families, thereby promoting economic recovery in line with Party and State policies.”

The signing ceremony and implementation of the credit package marks a new milestone in the comprehensive cooperation process, elevating the two sides’ relationship to a strategic, long-term, and sustainable level. The synergy of strengths and mutual support in all aspects will enhance the competitive position of the two in the context of economic and international integration, bringing the best in business efficiency and strong development.