Monday, 15/04/2024
   

BIDV and LSP sign 200-millions USD credit agreement

The signing ceremony with a credit limit of 200 millions USD between the Joint Stock Bank for Investment and Development of Vietnam (BIDV) (represented by BIDV Ba Thang Hai Branch) and Long Son Petrochemicals Company Limited (LSP) took place on July 27, 2023, in Ho Chi Minh City.

BIDV

Mr. Kulachet Dharachandra (General Director of LSP) and Mr. Trinh Anh Duc (Branch Director of BIDV Ba Thang Hai) representing the two entities signing the contract

Attending the event on behalf of LSP were Mr. Kulachet Dharachandra – General Director, along with other leaders and relevant officials. On behalf of SCG Group, Mr. Praween Wirotpan, General Director of SCG Vietnam Co., Ltd, and also the Chairman of the Thai Business Association in Vietnam (ThaiCham), was also present at the event. Representing BIDV was Mr. Tran Long - Deputy CEO along with leaders from other units.

The Petrochemicals Complex in the South of Vietnam project, with a total investment of more than 5 billions USD, is invested by Long Son Petrochemicals Company Limited (LSP), a subsidiary of SCG Chemicals or SCGC, a leading integrated chemical player in ASEAN, this project applies modern technologies, high levels of digitization, and automation, and carries significant economic and social importance. It serves as a prominent example of economic cooperation between Vietnam and Thailand. Since 2021, BIDV and LSP have actively engaged in effective collaboration across various domains. BIDV has not only provided short-term working capital financing, but also implemented numerous modern and diverse banking products and services, and leveraged advanced technology and digitization, such as virtual account collections, ERP connection.

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Representatives of the leadership from both entities taking a commemorative photo at the credit agreement signing ceremony between BIDV and LSP

In his speech at the signing ceremony, Mr. Tran Long - Deputy CEO of BIDV, stated: Today’s signing ceremony reaffirms the determination of BIDV and LSP to realize the goal that LSP will become a leading producer and distributor of plastic resins in Vietnam and the region. With the market position and experience of the oldest bank in Vietnam, BIDV will accompany LSP and the SCG Group in Vietnam in implementing current and upcoming projects; meanswhile strengthening and building an effective collaborations and partnership between BIDV & LSP.

Mr. Kulachet Dharachandra – General Director of LSP, shared that LSP is the first integrated petrochemical complex in Vietnam which can contribute significantly to Vietnam's economy by reducing plastic imports and strengthening the domestic value chain with sustainable development. In this pursuit, LSP firmly believes that BIDV shares the common objective and is sure that collaboration between BIDV’s financial expertise and LSP’s industry know-how will strengthen the ecosystem of petrochemical value chain ranging from LSP's suppliers and customers. This short-term loan agreement marks the beginning of a strategic alliance between BIDV and LSP founded on trust, shared values, and a joint commitment to progress and value creation, enabling them to explore more opportunities, overcome challenge and nurture sustainable growth and success for both entities.

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