VDB to lend to Hoa Phat Cement Project

Vietnam Development Bank (VDB) will provide a credit worth VND810 billion ($50.62 million) for Hoa Phat Cement Stock Company to build a cement plant with capacity of three million tons a year in Ha Nam province.

The credit contract was signed by representatives from the company and the branch of VDB in the province on August 8.

The loan, which has term of 10 years and interest rate of 8.4% per annum¸ will meet partial demand for investment capital of the plant which is designed with total investment capital of VND3.2 trillion ($200 million).

Presently, the company has basically completed equipment provision and installation, and is about to recruit and train laborers.

Hoa Phat Cement Plant, which is scheduled to be finished in the third quarter of 2008, is expected to supply cement for the province and neighboring localities.

Once operational, the plant will contribute to creating jobs for 700 local laborers and VND60 billion ($3.75 million) yearly for the state budget.