Foreign banks invest $1.5b in housing chain

Update: May, 17/2014 - 09:01

HCM CITY (VNS)— The Vietnam Construction Bank (VNCB) will work with overseas financial organisations to raise US$1.5 billion in capital, to be paid in installments for building and upgrading houses.

The information was revealed by Pham Cong Danh, General Director of Thien Thanh Corp, an affiliated party providing materials for the construction, at a ceremony to introduce the project on May 14 in HCM City.

As a joint effort between the VNCB, foreign lenders and the Thien Thanh group, the chain is part of the VND50 trillion ($2.38 billion) credit package announced earlier this year in HCM City and Ha Noi. It aims to boost links among investors, contractors, material suppliers and banks in providing houses and house repair services for customers facing financial difficulties. — VNS