The Governor of the State Bank of Vietnam (SBV) issued Decision No. 2382, 2383 and 2384/QĐ-NHNN on December 7, 2016 to appoint three banks as the service banks for the “Second Greater Mekong Sub-region Corridor Towns Development Project” (GMS) funded by the Asian Development bank (ADB). These Decisions took effect from the date of signing.
Accordingly, the SBV Governor assigned the Saigon - Hanoi Commercial Joint Stock Bank (SHB) as the serving bank for the 2nd GMS project – “sub-project in Sapa Town, Lao Cai province” funded by the ADB under Loan Agreement No.3353-VIE(SF) signed between the Socialist Republic of Vietnam and the ADB.
The Vietnam Joint Stock Commercial Bank for Industry and Trade is appointed as the serving bank for the 2nd GMS project – “Sub-project in Bac Giang province” funded by the ADB under Loan Agreement No.3353-VIE(SF) signed between the Socialist Republic of Vietnam and the ADB.
The Military Commercial Joint Stock Bank is appointed as the serving bank for the 2nd GMS project – Sub-project in Quang Ninh province” funded by the ADB under Loan Agreement No.3353-VIE(SF) signed between the Socialist Republic of Vietnam and the ADB.
Under these decisions, the General Directors of the above-mentioned banks are responsible for providing banking services to the project in line with Decree No. 16/2016/NĐ-CP dated March 16, 2016, and the guidelines of the SBV, the Ministry of Finance and the ADB.
As reported, these Projects are being implemented from 2016 to 2020 with a total funding is USD 121.67 million. The main target of the project is to improve and expand the transportation network, gradually complete elements of the infrastructure in tandem to facilitate the development of the towns including Bac Giang city (Bac Giang province), Mong Cai city (Quang Ninh province) and Sapa district (Lao Cai province) in order to promote trade and service development and exploit tourism potential to create jobs, increase income for local people, improve environmental sanitation and the urban landscape thereby contributing to improving the health and living-standards of local people.
Thoa Le