The listed DIC Investment and Trading Joint Stock Company and Hung Vuong Development Ltd. Co have recently agreed to jointly invest VND800bn ($50m) to construct a cement factory in northern province of Phu Tho.
The agreement was made during DIC shareholder meeting on July 27, 2007.
The facility, named Huu Nghi 2 in the province’s Thanh Thuy district, is expected to produce 2,500 tons of clinker or one million tons of cement each day.
DIC also plans to set up a joint stock company with chartered capital of VND200bn, of which DIC-Intraco contribute VND68bn (34%), company staffs VND19bn (VND38bn).
In the first half of this year, DIC obtained pre-tax profit of VND7bn ($437,500), equivalent to 70.4% of the full-year target.