Standard Chartered funds VSIP

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Standard Chartered Bank will provide US$30 million in loans to Vietnam Singapore Industrial Park (VSIP) to help the developer implement its integrated township and industrial project in Binh Duong Province.

The loan, including a $20 million five-year tenor and $10 million in one-year packages will go toward the project's working capital and capital expenditures, said the agreement signed Tuesday in Binh Duong, which neighbors the southern hub of Ho Chi Minh City.

VSIP was jointly established by the Vietnamese and Singaporean governments in 1996, in an agreement to develop 500 hectares.

In 2006, the joint venture planned a second project with a total of 2,045 hectares slated for industrial and residential purposes.

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