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.

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.