Developer Phat Dat, Military Bank ink cooperation pact for $447 mln southern Vietnam project
Phat Dat Real Estate Development JSC and MB Bank have signed a comprehensive cooperation agreement for the Thuan An 1&2 real estate project in Binh Duong province.
Per the agreement signed last Friday, the two sides will enhance cooperation and become comprehensive financial partners to utilize each other’s strengths and potential.
Executives of realty firm Phat Dat and Military Bank sign a cooperation agreement in Ho Chi Minh City, November 17, 2023. Photo courtesy of PDR.
The 4.47-hectare Thuan An 1&2 project, enjoying a prime location in Thuan An town, is connected to various major industrial parks in the southern province.
Featuring apartments, shophouses and semi-detached houses, the VND10.8 trillion ($446.9 million) project has completed its legal procedures, said Phat Dat, listed on the Ho Chi Minh Stock Exchange (HoSE) as PDR.
MB Bank, listed on the HoSE as MBB, will provide financial solutions worth over VND6 trillion ($248.3 million) for investors and homeowners.
Speaking at the signing ceremony, Ha Trong Khiem, deputy CEO of MBB, said the Thuan An 1&2 project was an initial step in collaboration between the two sides. It would later expand to the Bac Ha Thanh urban area project in the central province of Binh Dinh and the 223 Tran Phu project in the central city of Danang. The collaboration will deliver benefits to all stakeholders, Khiem added.
Bui Quang Anh Vu (left), CEO of Phat Dat, and Le Hoa Thuan, director of MBB's Saigon branch, exchange documents after signing a cooperation agreement in Ho Chi Minh City, November 17, 2023. Photo courtesy of Phat Dat.
Bui Quang Anh Vu, CEO of PDR, said that the cooperation would give financial strength to his company, ensure construction progress and delivery, and boost its market competitiveness. MB’s guarantee will facilitate customers with easy access to credit and maximize their investments, he added.
PDR has been restructuring its investment portfolio this year with a focus on projects in potential markets, he said. For example, the Thuan An 1&2 was a key project, expecting to make its market debut in the first quarter of 2024.
“The comprehensive cooperation between PDR and MBB shows the determination of both sides in fulfilling their business objectives, based on each other’s unique strengths and advantages to achieve maximum efficiency,” Vu said.
- Related News
- Read More
Vietnamese retail majors set for prosperous year after robust Q1
Vietnamese retail majors have reported Q1/2024 profits several times higher year-on-year or turned losses into profit after purchasing power recovered significantly during Tet (Lunar New Year) holiday, market observers say.
Companies - Thu, May 2, 2024 | 10:21 pm GMT+7
Vietnam assigns vice chairman to take charge of parliament
National Assembly standing Vice Chairman Tran Thanh Man has been tasked with running the national parliament after Chairman Vuong Dinh Hue was dismissed from his position.
Politics - Thu, May 2, 2024 | 7:37 pm GMT+7
Vietnam investment environment favorable for strategic M&A opportunities: KPMG
With inflation under control, projected growth of 5.8% and public debt kept manageable this year, Vietnam’s investment environment offers strategic opportunities, especially in M&A, says audit and consulting firm KPMG.
Economy - Thu, May 2, 2024 | 4:59 pm GMT+7
PV Gas sees Q1 net profit go down 26% to $99 mln
PV Gas, Vietnam’s largest dry gas and LPG supplier, earned consolidated net profits of VND2,511.66 billion ($98.96 million) in Q1/2024, down 26.5% year-on-year.
Companies - Thu, May 2, 2024 | 3:38 pm GMT+7
Key infrastructure projects face site clearance issues, material shortages
Progress of the Long Thanh international airport project and component projects for the North-South Expressway’s eastern section in the 2021-2025 period is being held back by uneven site clearance and material shortages.
Infrastructure - Thu, May 2, 2024 | 3:35 pm GMT+7
Ba Ria-Vung Tau province health department head in trouble for bidding rules violations
Legal proceedings have been initiated against Pham Minh An, director of Ba Ria-Vung Tau province's Department of Health for alleged bidding regulation violations related to equipment supply for a hospital.
Society - Thu, May 2, 2024 | 3:21 pm GMT+7
USD weakens slightly against VND after Fed holds rates steady
The U.S. dollar slid against the Vietnamese dong (VND) on Thursday morning hours after the U.S. Federal Reserve (Fed) kept its policy rate unchanged in the 5.25-5.50% range.
Banking - Thu, May 2, 2024 | 11:37 am GMT+7
PV Gas takes delivery of third LNG batch to meet rising power demand
PV Gas, the gas production arm of state-owned Petrovietnam, has taken delivery of its third batch of liquefied natural gas (LNG) to meet demand for power generation as the country battles to cope with a prolonged heat wave.
Energy - Thu, May 2, 2024 | 10:52 am GMT+7
Vietnam factory activity returns to growth on new orders: S&P
The Vietnamese manufacturing sector returned to growth in April as a solid expansion of new orders fed through to a renewed increase in production, according to S&P Global.
Economy - Thu, May 2, 2024 | 9:25 am GMT+7
HCMC well off target of 8 metro lines by 2035
Vietnam’s southern economic hub Ho Chi Minh City seems to be falling well short of its goal of building eight metro lines totaling 200 kilometers by 2035 because none have been put into operation thus far.
Infrastructure - Thu, May 2, 2024 | 9:14 am GMT+7
Vietnam property market past most difficult period: expert
The Vietnamese real estate market has gone through its most difficult period, and businesses or investors that have survived have done so through strong experience and resources, said Nguyen Van Dinh, chairman of the Vietnam Association of Realtors (VARS).
Real Estate - Thu, May 2, 2024 | 8:17 am GMT+7
Seven must-visit places in Dien Bien province
The northwestern mountainous province of Dien Bien has many charming places to visit, in addition to historical relic sites related to the Dien Bien Phu Campaign.
Travel - Wed, May 1, 2024 | 10:42 pm GMT+7
Vietnam's economy: positive changes but concerns persist
Vietnam's economic picture is looking more positive with numerous bright spots, but many difficulties remain, especially market confidence, concerns about private investment, and social consumption, writes Dr. Vo Tri Thanh, director of the Institute for Brand and Competitiveness Strategy.
Opinion - Wed, May 1, 2024 | 6:32 pm GMT+7
Major industrial park developer Kinh Bac suffers setback with $3 mln Q1 loss
Vietnamese industrial park developer Kinh Bac Urban Development Corporation recorded Q1/2024 losses of VND76.7 billion ($3 million), a setback considering its annual profit target of VND4,000 billion ($157.8 million).
Industrial real estate - Wed, May 1, 2024 | 3:51 pm GMT+7
Founder of Vietnam’s ACB bank passes away
Asia Commercial Bank founder Tran Mong Hung, father of the current chairman Tran Hung Huy, passed away Thursday. He was 72.
Banking - Wed, May 1, 2024 | 3:37 pm GMT+7
Singapore Management University opens office in HCMC
Singapore Management University (SMU) has chosen to open a representative office in Vietnam after Indonesia and Thailand as part of its vision to 2025.
Companies - Wed, May 1, 2024 | 3:18 pm GMT+7
