Ha Noi (VNA)-The Nghi Son Cement Company, a joint venture between the Viet Nam Cement Corporation and a Japanese partner, is expected to submit to the Government for approval its plan to invest US$240m in expanding production.

The project, scheduled to start in early 2005 and be completed by 2008, will install a cement production line with a combined capacity of 2.15Mta, build a cement distribution station in central Khanh Hoa province and purchase two ships for carrying cement. About 70 percent of the project’s capital will be bank loans and the remainder self financed by the company.

Apart from the project, the joint venture plans to invest this year around US$980,000 from its budget to purchase new computers, install cement grinding machines and build dwelling houses for workers.

The joint venture has so far this year sold 1.1Mtof cement, making a profit of US$6.5m.