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TRADE FINANCE | Cesar Tordesillas, Vietnam

VietinBank assigned to serve $80Mln ADB Loan

The State Bank of Vietnam has assigned VietinBank to service a project worth $80 million funded by the Asian Development Bank.

The project is the development of transportation system in Northern provinces under the Loan Agreement signed on December 2, 2011 between the Socialist Republic of Vietnam and ADB representatives.

Accordingly, ADB will fund SDR50 million (Special Drawing Right) or $80 milllion for the project for 32 years at 1% p.a. for the first 8 years and at 1.5% p.a. for the remaining loan term.

In addition, the Governor also asked Vietinbank’s CEO to bear responsibility for implementation of regulations to serve the project well.

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