The signing ceremony between Vietinbank and Western Limited Company. The bank will provide a loan worth VND325 billion for Wetern Co.lltd to develop the Nam Ma I hydropower project. - Photo vietinbank.vn

HA GIANG (VNS) – The Viet Nam Bank for Industry and Trade (VietinBank) has signed a credit agreement with Western Limited Company for the construction of the Nam Ma I hydropower project in the northern province of Ha Giang.

Under the agreement, the project developed by Mien Tay Ltd. will receive a credit package of VND325 billion ($14.55 million) from VietinBank.

The 18MW project, located in Tung Ba Commune of Vi Xuyen District, has garnered funding totaling more than VND500 billion . The project was inaugurated in late of 2015 and will be finished at the end of 2017.

Speaking at the signing ceremony, Western Limited Company Director Nguyen Van Thang pledged to use the loans wisely and allocate all resources to develop the project on schedule.

Director of Vietinbank Ha Giang Vu Quang Lam committed to providing full credit for the project and creating the most favourable conditions for implementing the project.

The company operates in the fields of construction, production and electricity distribution.

As of the third quarter of 2015, Vietinbank reach VNÐ10.97 billion of revenue and VND1.86 trillion of profit before tax. — VNS