A transaction office of BIDV. (Photo: baodautu.vn)
Bank for Investment and Development of Vietnam (BIDV
), the second-largest lender in Vietnam, on October 5 signed an agreement for a five-year loan worth from China Development Bank (CDB).
The signing ceremony took place during a two-day visit of Chinese President Xi Jinping to the Southeast Asian country.
The preferential loan will help BIDV meet demand for medium- and long-term capital for investment projects in Vietnam, the bank said in a press released.
The two banks also agreed to cooperate in international settlement, commercial lending, forex trading, and introducing investment opportunities in Vietnam to Chinese investors.
Established in March 1994, CDB had total assets worth $1.66 trillion at the end of 2014. Meanwhile, BIDV had $36.4 billion in total assets as of the end of September 2015.