Vietcombank provides US$ 44 million for Indochina Land real estate project

Vietcombank representatives signed an agreement in Hanoi on Feb.19, committing to the provision of 44 million USD to fund the development of Indochina Plaza Hanoi, a mixed-used complex managed by Indochina Land.

The 145 million USD project, which began last December, consists of two luxury residential towers, an office block and a retail podium.

Vietcombank’s Chairman of the Board of Directors, Nguyen Hoa Binh, said that Indochina Plaza Hanoi is not only an excellent project in terms of economic values, it is in line with policies to stimulate investment, prevent an economic recession and promote economic growth that the Government, the State Bank of Vietnam and Vietcombank are all pursuing.

Regarding Vietnam’s real estate market, Tran Van Binh, director of Indochina Finance, the group’s financial division, said that, although the market is currently experiencing a slowdown, the current and forecast low interest rates, coupled with a limited number of good investment opportunities, will make real estate an attractive investment area and a safe vehicle for individual investors. “We are also working with Vietcombank to come up with an attractive financing package for residential buyers at Indochina Plaza Hanoi,” he added.

Indochina Land, the real estate division of Indochina Capital, currently manages three funds, totaling US$ 460 million of committed capital, in turn facilitating more than US$ 1 billion in real estate development in Vietnam.

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