Eight banks grant credit to steel project

Friday, Mar 18, 2022 13:29

The signing ceremony took place on Thursday in Ha Noi. — Photo courtesy of Hoa Phat Group

Eight commercial banks on Thursday in Ha Noi signed a deal with Hoa Phat Dung Quat Steel JSC, a member of Hoa Phat Group, granting credit of VND35 trillion (US$1.53 billion) to its Hoa Phat Dung Quat 2 Iron and Steel Complex Project.

Eight commercial banks in the deal comprise the deal initiator Vietcombank, as well as BIDV, VietinBank, Agribank, Military Bank (MB), Tien Phong Bank (TPBank), VPBank and Maritime Bank (MSB).

Speaking at the signing ceremony, Pham Quang Dung, chairman of Vietcombank, revealed that his bank and the other banks saw bright prospects for the project’s viability.

Tran Dinh Long, chairman of Hoa Phat Group JSC, underlined the project as the group’s most significant programme with a total outlay of VND85 trillion ($3.72 billion) and a capacity of 5.6 million tonnes of hot rolled coil (HRC) steel per year.

He believed that his group would become the country's largest HRC steel producer once the project came into operation.

“With the project, Hoa Phat Group aims to produce high-quality HRC steel and position itself as the largest HRC steel producer in Viet Nam,” said the chairman.

The project is expected to raise the annual steel output of the group to 14 million tonnes and create 8,000 new jobs. — VNS

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