VIS, Local Banks Jointly Fund US$27.5Mln Steel Ingot Plant in Haiphong
Viet-Y Steel Joint Stock Company (VIS) signed a VND440 billion (US$27.5 million) credit agreement with five domestic banks last week to build a steel ingot plant in Haiphong.
The loan has duration of 8 years and expansion term of two years.
Banks including Bank for Investment and Development in Hung Yen, Agribank Hung Yen, Haiphong Maritimes and Ocean Commercial Joint Stock Banks and the Bank for Foreign Trade of Vietnam (Vietcombank) in Hai Duong will jointly fund for the project.
The plant using the world’s most modern Consteel technology with annual capacity of 400,000 ton is scheduled to be started in September this year and put into operation by the end of 2008.
The new steel ingot plant is expected to meet the country’s growing steel demand and help stabilize steel prices on the market.
So far 25 steel ingot production plants using Consteel technology are operational in the world, including 9 projects in China and three in Vietnam. (Vietnam Economic Times, Banking Times)
Vietnamese
