Shinhan Bank Signs Financial Agreement for Korea-Vietnam Cooperation Industrial Complex Development Project
Shinhan Vietnam Bank Establishes Support Desk for Resident Companies... Taking Action to Assist
[Asia Economy Reporter Yoo Je-hoon] Shinhan Bank announced on the 29th that it has signed a financial agreement with VTK HUNG YEN IP CO., LTD for the establishment of the 'Korea-Vietnam Economic Cooperation Industrial Complex (Clean Industrial Complex).' VTK HUNG YEN IP CO., LTD is a joint venture established for this project by the Korean consortium formed by Korea Land & Housing Corporation and the local Vietnamese construction company TDH Ecoland.
The financial agreement amounts to a total of 61 million USD, with a lending consortium composed of three institutions: Shinhan Bank, BNK Busan Bank, and KDB Infrastructure Asset Management. Shinhan Bank will not only invest equity in the Korean consortium but also serve as the financial advisor and arranger for the industrial complex.
The Korea-Vietnam Economic Cooperation Industrial Complex is planned to be developed on a total area of 143 hectares (approximately 430,000 pyeong) in Hung Yen Province, about 30 km from Hanoi, the capital of Vietnam. It is expected to host around 50 Korean companies and attract investments exceeding 400 million USD. Notably, Shinhan Vietnam Bank, the top foreign bank in Vietnam, will establish a support desk for resident companies, providing financial and funding consulting necessary for Korean companies wishing to settle in the complex.
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A Shinhan Bank official stated, "As both an investor and financial arranger for this project, we will do our utmost to contribute to the economic development of both Korea and Vietnam, and we will focus all our capabilities on providing optimal solutions to Korean companies seeking to enter the Vietnamese market."
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