Chinfon Haiphong Cement Gets US$120Mln Credit

The Bank for Foreign Trade of Vietnam (Vietcombank), Asia Commercial Bank (ACB), Southeast Asia Bank (SeABank) and Bangkok Bank’s Office in Hanoi have provided a US$120 million loan for Chinfon Haiphong Cement Joint Venture Co. to build two new production lines.

This project needs a total investment of US$160.8 million, part of the Vietnamese cement industry development strategy until 2010 ratified by the Prime Minister. The project will turn out 4,000 tonnes of clinker a day, or 1.4 million tonnes a year. Once operational, the project will reduce pressures on cement shortages in the country and narrow regional imbalance.

 

This is the second time Vietcombank successfully arranged a loan for Chinfon Haiphong Cement Joint Venture Co. The first loan was valued US$45 million in 2003.