Bank for Investment and Development of Vietnam (BIDV) on Wednesday signed a credit contract with Thanh Thang Cement Corp to develop a second line at the Vietnamese cement producer's plant in the northern province of Ha Nam.

Under the agreement, BIDV will lend VND3.5trn (US$155.56m) to the project which requires a total investment of VND4.8trn, the Thoi Bao Kinh Te Vietnam newspaper reported Thursday.

The project covers 56.8ha in Thanh Nghi commune, Thanh Liem district, and has a clinker capacity of 6000tpd (or 2.3Mta). It was added to the government’s plan for the cement industry in Vietnam during the 2011-2020 period with orientations towards 2030. The new line is scheduled for completion in 2017.