The Vietnam National Cement Corporation (VNCC) is planning to kick off a project costing VND450bn (US$28.13m) to build a cement plant next month in central Khanh Hoa province’s Cam Ranh town, a corporation official said.
The Cam Ranh cement plant is set to produce 500,000 tons of cement a year when fully operational in mid-2009.
The total investment will come from domestic sources with 20% from VNCC and the remainder from banks.
The Vietcombank branch and BIDV branch in the province have signed an agreement to fund VND339bn ($21.19m) for the project.
Construction on the new facility is scheduled to be completed in 30 months.