Vietinbank delegated to serve in $55m tourism project
Vietinbank delegated to serve in $55m tourism project
The State Bank of Vietnam (SBV) assigned Vietinbank on December 10 to provide financial services to a project aimed at developing the tourism infrastructure in the expanded sub-Mekong River region.
The five-year project is scheduled to be completed by 2019. Some US$55.08 million is being invested in the project, of which $50 million will be contributed by ADB and the rest by Viet Nam.
The purpose of the project is to encourage comprehensive economic growth in the economic corridor connecting Viet Nam, Laos and Cambodia by improving infrastructure, the environment, and standards of hygiene in some tourist centres near the borders. The project also aims to link the tourism sites in these countries.
In addition, the project will aid in the development of infrastructure for tourism, protection of natural and cultural heritage icons, and improvement of the competitiveness of five Vietnamese provinces: Dien Bien, Ha Tinh, Kien Giang, Lao Cai and Tay Ninh.
Moreover, the project is expected to promote cooperation and integration in setting the standard for tourism services, while promoting trans-national tourism.
SBV Governor Nguyen Van Binh has asked Vietinbank's general director to take responsibility for ensuring that the bank adheres to the regulations provided under Government Decree No. 38/2013/ND-CP and follows the SBV and ADB guidelines, while completing the project.
