Vietinbank will lend Catalan company VND360 billion. – Photo Vietstock

HA NOI (Biz Hub) – Vietnam Joint Stock Commercial Bank for Industries and Trade (Vietinbank) has agreed to lend VND360 billion (US$16.9 million) for the construction of Catalan Joint Stock Company's porcelain tile factory.

Vietinbank's Hoan Kiem branch and Catalan have signed the contract for the factory, which will be mainly producing 80cmx80cm porcelain floor tiles and will have an annual capacity of 2.5 million square meters of tiles.

The credit forms part of the company strategy to enlarge its market segment in large-sized floor tiles and help increase and make more effective its production and operations.

The factory will be based in Dong Chua Industrial Zone in the Bac Ninh Province's Yen Phong District and will use Italy's Sacmi technology. Catalan's products are distributed throughout the country, with the company reportedly maintaining a firm hold on the domestic tile market. VNS