Hanoi-based lender LienVietPostBank has signed a $50 million credit agreement with JPMorgan Chase Bank, N.A while South Korea’s Hyosung Corp is investing $1.2 billion on a polypropylene (PP) plant and a liquefied petroleum gas (LPG) warehouse in Vietnam. Quynh Nguyen reported on DealStreetAsia.
JPMorgan Chase lends $50 million to LienVietPostBank
Hanoi-based lender LienVietPostBank has signed a $50 million credit agreement with JPMorgan Chase Bank, N.A., Singaporean branch to supplement foreign currency capital, according to an official announcement.
The loan contributes to enhance the position of LienVietPostBank in domestic and international financial markets and supplement medium and long-term foreign currency to the bank, said Pham Doan Son, CEO of LienVietPostBank.
As of June 30, total assets of LienVietPostBank reached VND175.8 trillion ($7.5 billion), up 7.62 per cent compared with the beginning of the year.
LienVietPostBank has the largest network among joint-stock commercial banks, with 200 branches and over 1,000 transaction offices, nationwide.
SK’s Hyosung Corp pumps $1.2b investment in Vietnam
South Korea’s Hyosung Corp is investing $1.2 billion on a polypropylene (PP) plant and a liquefied petroleum gas (LPG) warehouse in Vietnam, according to an announcement.
The construction, with total investment capital of $1.2 billion, is the largest project ever licensed in Ba Ria-Vung Tau Province.
The first phase involves the construction of the PP plant, which will have an annual output of 55,000 tonnes of ethylene, 600,000 tonnes of propylene, 600,000 tonnes of polypropylene in the forms of Homo and Co, 20,000 tonnes of hydrogen, as well as other by-products such as steam, inert gas and light hydrocarbons.
In the second phase, Hyosung will build a 240,000-tonne-per-year LPG underground warehouse.
Hyosung Corporation is a Korea-based company mainly engaged in the production and sale of heavy industrial equipment and raw materials for industry.