Vietnam Asia Commercial Bank, or VietABank, on Tuesday signed an agreement to provide a credit of VND60 billion for Vietnam Urban Construction and Investment Joint Stock Co., a subsidiary of Vietnam Housing and Urban Development Group (HUD), to help the latter continue its construction projects.

This was part of strategic cooperation agreement signed by the two sides in Hanoi on the same day in a bid to help secure HUD’s financial capability for property projects and other operations in the coming time.

Under the agreement, the lender pledged to provide HUD with all types of loans to facilitate feasible real estate projects. The two sides will also join hands to give installment payment programs for condo buyers.

On the other hand, HUD will open accounts at VietABank and use other banking products offered by the lender. The deal also enables the two sides to cooperation in developing market, distribution channels, customers and advertising.

Phuong Huu Viet, chairman of VietABank, said the agreement will open long-term cooperation, helping the two sides exploit advantages and sustain their growth on the market.

(Source: Vietnamnet)