The Viet Nam Development Bank (VDB) has decided to give VND810bn in credits to the Hoa Phat Cement Company for the construction of a new cement plant in northern Ha Nam province.
The credit will meet part of the total VND3.2trn capital needed for the the plant, which will have a total cement capacity of 3Mta, according to Deputy Director of the Hoa Phat Cement Company Ta Tien Dung.
The first VND1.2 trillion phase of the scheme is slated to begin this year and is expected to be completed by the first quarter of 2009 with initial production line being capable of churning out 1Mta of cement.
Work on the second phase will start in 2009 at an estimated cost of VND2trn and will double annual capacity to 2Mt of cement.
Once fully operational, the plant will generate jobs for more than 700 local workers.