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| The Viet Nam Chemical Group signs a US$417 million credit deal to start construction of salt mine in Laos. — VNS Photo |
KHAMMUOAN (Biz Hub) — Three Vietnamese banks have signed a US$417 million agreement for the Viet Nam Chemical Group that is developing a salt mine project in Laos.
The three banks are the Viet Nam Development Bank (VDB), the Viet Nam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) and the Bank for Investment and Development (BIDV).
The loan deal will secure funding amounting to 80 per cent of the project investment, in which BIDV will provide $161 million, Vietinbank $143 million and VDB $113 million.
The $522-million project, to be built over five years in Khammouan Province, is expected to become operational in 2020.
Vinachem will also raise its own funds amounting to $105 million. — VNS