Workers produce bricks at a Viglacera factory in Thai Binh. Viglacera will develop a joint venture to produce construction materials in Cuba. - VNA/VNS Photo Vu Sinh

Viglacera Corporation, a construction materials producer in Viet Nam, is entering into a joint venture partnership with Cuban giant developer Geicon, to manufacture building materials in the Caribbean island nation.

The joint venture will have a charter capital of US$39.86 million, and capital contribution will be 1:1.

The two sides are now working on completing a feasibility study report that has to be submitted to the both governments for approval.

Geicon will be in charge of raw materials exploitation and transportation plans to ensure smooth operations and sales in the domestic market, which is estimated to buy 70 per cent of output; the rest will be exported.

Viglacera will upgrade its two existing ceramics and sanitary ware plants and invest in building two more, four years after the joint venture is operational. — VNS