BIDV, Becamex IDC boost cooperation for development

The cooperation relation between the Bank for Investment and Development of Vietnam (BIDV) and Investment Industrial Development Corporation (Becamex IDC) was started when Binh Duong shifted the local economy from agriculture to industrial manufacture. Thanks to great efforts, the two sides reaped successes together experience during the investment and development process. As preparation for development at a new height, today, Dec.11, BIDV and Becamex IDC continue inking a comprehensive cooperation agreement to bring into full play their potentials, advantages and experience accumulated over the past years.

Good foundation

In the 1996-1997 period, Becamex IDC was assigned a task of infrastructure development and investment attraction for Vietnam-Singapore industrial park (VSIP), the first IP of the province. This was also the first industrial park cooperation model between Vietnam and Singapore.

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Leaders of BIDV said that BIDV over time boosted cooperation with Becamex IDC to tell foreign partners that Vietnam not only had a powerful internal force, was but also a reliable and effective partner for cooperation. Along with loan support for building the IP, BIDV supported Becamex IDC to develop infrastructure, especially the work of upgrading and expanding Binh Duong Avenue under the Build-Operation-Transfer (BOT) form…

Together for development

Following the success of the VSIP project, BIDV and Becamex IDC has continued boosting cooperation in many other important fields, including trade-services, urban and housing development.

Along with advantages, Becamex IDC’s business operations faced a lot of objective difficulties. Particularly, the Asian financial crisis in the 1998-1999 period made the prices of many kinds of agricultural products plunge and they also found it difficult for consumption. With the responsibility as an engine of the province’s business community, Becamex IDC negotiated and received BIDV’s agreement on expanding the time for debt payment to ensure its operations, helping farmers secure stability in production.

Such these apart, BIDV provided loans for Becamex IDC to successfully implement many works and projects, namely Binh Duong new city, VSIP II, My Phuoc IP…

Tran Ngoc Linh, Director of BIDV’s Binh Duong branch said that in a bid to develop Binh Duong into a centrally-controlled municipality by 2020, BIDV and Becamex IDC would continue inking a comprehensive cooperation agreement for development at a new height, contributing to successfully realizing the local tasks on socio-economic development in the coming time

Reported by Duy Chi-Translated by K.T