The Viet Nam Public Commercial Joint Stock Bank (PVcom Bank) has signed a financial agreement with Da Nang-based PGT Group to arrange loans for property investment projects in central Viet Nam.

The PGT Tower is inaugurated in Da Nang’s downtown. The 12-storey building was built with total investment of 4.4 million USD.

Chairman of PGT Group Le Anh Trieu said the agreement, which was signed on June 9, will help mobilise capital for tourism property projects, including hotels and services, as well as for hi-tech farming in the central region.

The agreement will also help free up loans to provide financial services for customers in the region with a network of 102 transaction branches throughout the country.

Earlier, PGT Group, in co-operation with PVcom Bank, inaugurated the 12-storey PGT Tower – the first co-working space of its kind in central Viet Nam – with total investment of VNĐ100 billion (US$4.4 million) on June 9.

As planned, PGT Group will launch its initial public offering (IPO) on the stock exchange in 2022.

Da Nang is seen as a favourite destination for foreign investment and as an increasingly popular tourism hub in central Viet Nam.

Last year, the city hosted a total of 6.7 million tourists, of which 2.3 million were foreigners. More than three million tourists have visited the city in the first 5 months of this year.

According to the city’s Investment and Promotion Agency, the city has attracted 546 foreign direct investment (FDI) projects, with total investment of $3 billion. Tourism property and service projects attracted total FDI of $1.8 billion.

The city’s hospitality service has offered the market with 27,000 rooms including villas and condo hotel projects.

(Source: VNS/ DA NANG Today)