Five commercial banks signed a contract in Hanoi on March 29 to provide US$120m for a project to build the second line of the Chinfon Hai Phong Cement Plant in the northern city of Hai Phong.
Of the total, the Bank of Foreign Trade of Vietnam (Vietcombank) will contribute US$60m, the Vietnam Industrial and Commercial Bank (ICB) $US24m and three others including the Asian Commercial Bank (ACB, the Southeast Asian Bank (SEA Bank) and the Bangkok Bank - Hanoi branch, $12m each.
The project, with total investment capital of $US160.8m, will help to raise the Chinfon Hai Phong Cement Company’s annual capacity to 2.5Mt of clinker this year from 2.1Mt in 2005 (VNA).
