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Hoa Binh, BIDV cut cooperation deal

The Saigon Times

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HCMC – Hoa Binh Construction Group JSC (HBC) and the Bank for Investment and Development of Vietnam (BIDV) have signed a comprehensive cooperation agreement for the 2022-2026 period.

Under the deal, the two sides will enhance their cooperation to become each other’s comprehensive partner, ensure their long-term and sustainable cooperation and diversify business activities, thus improving their business effectiveness and competitiveness.

They will support each other to take advantage of local and foreign markets. In addition, BIDV will provide credit, financial services, working capital and medium- and long-term capital for Hoa Binh’s business operations.

Speaking at the signing ceremony, BIDV CEO Le Ngoc Lam said the bank had provided trillions of Vietnam dong for projects of Hoa Binh. The two sides have cooperated for over 20 years.

Hoa Binh Chairman Le Viet Hai said the comprehensive partnership with BIDV would help Hoa Binh enhance its capacity, improve its competitiveness, increase the local market share and expand to foreign markets.

Today, May 18, HBC rose 4.42% at VND20,100, while BID inched up 1.31% at VND34,900.

The VN-Index of the Hochiminh Stock Exchange added 12.39 points, or 1.01% against the previous session at 1,240.76, with 272 stocks advancing and 177 others declining. The bourse saw 556.1 million shares valued at some VND13.8 trillion changing hands, down 3% in both volume and value.

The HNX-Index of the Hanoi exchange dropped 5.6 points, or 1.77%, compared to the previous session at 309.84.

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