The Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank) will contribute a VND1.6trn (US$89.9m) loan towards the development of a production line for the He Duong Cement Joint Stock Company.
The credit contract signing ceremony between VietinBank’s Ninh Binh Branch and the He Duong JSC was held in the northern province of Ninh Binh.
Production Line 1 has been backed by Taiwan’s Lucky Cement Corp, with a total capital investment of VND300 billion ($16.85 million).
The project will improve the processing of natural resources including limestone and clay to produce cement.
The He Duong cement plant previously produced 160,000tpa of cement. Last year, the company decided to construct a new plant. The plant, with two new production lines, should be able to produce 3.6Mt of cement per year.
"We believe that He Duong cement plant will soon be living up to its potential, and bring benefits both to the province and investors," said Pham Xuan Lap, head of Production Line 1.