Vietnam Deputy PM urges capital disbursement for cement projects in south

Vietnam Deputy PM urges capital disbursement for cement projects in south
Published: 28 July 2008

Deputy Prime Minister Hoang Trung Hai has instructed that ministries, sectors and banks to co-ordinate, consider thoroughly and settle difficulties in capital for cement projects so that they can be carried out as approved plan.

Specifically, the State Bank of Vietnam is requested to instruct commercial banks to continue supplying capital to cement projects that they have signed credit contracts with so that these projects can be completed and put into operation in 2008 and 2009.

For the amount that has yet to be disbursed, the current lending interest rates will be applied. For the already disbursed amounts, the parties concerned should negotiate for reasonable lending interest rates on mutual risk sharing principle.

For projects that are scheduled to be operational in 2010, the Ministry of Construction should consider the progress of capital mobilisation and discuss with commercial banks for capital arrangement.

The Deputy PM also asked the Vietnam Development Bank to continue delivery of capital for projects that meet requirements with priorities given to projects in southern localities.

The Ministry of Natural Resources and the Environment is asked to quickly submit a report on its streamlining of administrative procedures on issuance of mining license to cement projects and ensure a quick and simple issuance.