2 Dec, 2023 @ 09:32
1 min read

Vietnamese Eastside developer collects banking award with Gibraltar ministers at London event

THE Vietnamese investor at the heart of some of the largest construction projects in Gibraltar’s history picked up awards at the 2023 Bank of the Year awards with Gibraltar ministers.

TNG Global Foundation founder Tuan Tran insisted on having Chief Minister Fabian Picardo and Financial Services Minister Nigel Feetham at the event.

The businessman got the award for Best Best Bank in Vietnam for his Vietnam Maritime Commercial Joint Stock Bank (MSB), of which the Gibraltar-based TNG Global Foundation is a shareholder.

Tran plans to build a huge leisure and commercial area at the Eastside reclamation and another at the site of the old Bayside school.

His TNG Global Foundation has already paid the government £90 million as a first installment for the Eastside Project.

Eastside Project Tng Gib

Minister for Economic Development Joe Bossano said it could have a £2.5 billion impact on Gibraltar’s economy over the next decade.

This figure would double the British territory’s GDP, providing a boost to the Rock after the double hits of Brexit and COVID-19.

TNG Global also dished out £21.2m for the land plot where the former Bayside and St Anne’s schools were located.

Picardo said in 2021 he hoped it would be ‘third time lucky’ after two previous attempts to develop the Eastside project failed after funding failed to materialise.

He pointed out that the difference will be that there TNG Global was self-financed, rather than dependent on external investors.

Tran also owns the Trusted Novus Bank on the Rock that has given local people more options after Brexit.

UniCredit was voted Global Bank of the Year at the awards ceremony in London backed by The Financial Times and The Banker.

Gibraltar’s government noted that there was no cost to the taxpayer for travel to London and accommodation once there.


Previous Story

Royal Navy destroyer stops in Gibraltar for 72 hours before heading to Persian Gulf to guard shipping lanes

Next Story

Biggest planetarium in SPAIN is coming to the Costa del Sol

Latest from Business & Finance

Go toTop

More From The Olive Press