Six Banks Finances US$14.5Mln for Hoa Phat Steel Co

Six banks and financial institutions, led by the Techcombank, yesterday signed a credit agreement to lend VND230 billion (US$14.5 million) to the Hoa Phat Steel Company.

 

Other lenders include the SeABank, Military Bank, Habubank, Indovina, Shinhanvina and PetroVietnam Financial Co. (PVFC). This is the sixth credit agreement the banks signed to co-finance the steel maker, of which Techcombank contributes the majority of the loan.

 

This year, loans from these banks to Hoa Phat are expected to increase VND50 billion in comparison to that of last year. Hoa Phat plans to spend the credit package for its production programs in the next two years. The loans will be disbursed based on the designed projects.

 

According to these banks, Hoa Phat is a power company highly appreciated for its improved management system and transparent financial and accounting status.
Vietnam Economic Times