Four leading State-owned banks and one foreign bank on April 5 signed a credit contract worth US$165m for the But Son Cement Company to help it build its second large-scale production line. Under the contract, France’s Societe Generale alone will provide the cement firm loans worth US$100m, while four Vietnamese banks, including the Bank for Investment and Development of Vietnam (BIDV), the Bank for Agriculture and Rural Development (Agribank), Bank for Foreign Trade of Vietnam (Vietcombank), and Industrial and Commercial Bank of Vietnam (Incombank), will provide VND1 trillion (US$63.3m).
The big syndicated loans will help the But Son Cement Company develop its new cement plant, which requires a combined investment capital of VND2.8 trillion ($177m). The new production line has an annual capacity of 1.6Mt of clinker, which will bring But Son’s total output to 3Mt.
