Four Local Banks to Fund Two Large Cement Projects

Four local banks on December 9 signed two credit contracts worth a total of more than VND2 trillion (US$126.58 million) to fund the Ha Long and Thang Long cement projects in the northern province of Quang Ninh.

 

Of the total sum, the Bank for Investment and Development of Vietnam (BIDV) accounted for 45.5 per cent or over VND900 billion (US$56.96 million) and the remainder will come from the Bank for Foreign Trade of Vietnam (Vietcombank), the Industrial and Commercial Bank (Incombank) and the Bank for Agriculture and Rural Development of Vietnam (Agribank).

 

These are the two cement projects with largest capacity in the country to date. The Thang Long cement plant, costing VND5,129 billion (US$324.6 million), is designed to have a combined capacity of 2.2 million tons of PCB 40 cement per year and the Ha Long cement plant has total investment of VND5,431 billion (US$343.73 million) and is capable of producing 2.29 million tons of PCB 40 cement.

 

When operational, these two plants will supply 4.3 million tons of cement to the market each year, exploit economic potentials in the locality and create jobs for 1,500 local residents.