Tuesday, January 01, 2008

More heavy industry projects planned for next year




A number of large-scale projects will kick off early next year including a VND3 trillion (US$187.5 million) Phu My 3 Industrial Zone in Ba Ria-Vung Tau, a VND1 trillion iron cast and steel plant in Ha Tinh and a VND195 billion colored pottery factory in Quang Ninh.

Yesterday, the People’s Committee of Vung Tau City in southern Viet Nam held a ceremony to hand over an investment license for the Phu My 3 Industrial Zone project to principal investor Thanh Binh-Phu My, a local Joint -Stock Company.

The 942-hectare Industrial Zone situated at Phuoc Hoa Commune, Tan Thanh District, when completed, will be among the largest industrial zones in the southern region comprising Binh Duong, Ba Ria - Vung Tau and Ho Chi Minh City.

The total investment capital into the project’s technical infrastructure is up to VND3 trillion, equivalent to US$187.5 million.

In related news, the Vietnam Development Bank, the Vietnam Investment and Development Bank and the Bank for Foreign Bank of Vietnam (Vietcombank) have recently entered a contract to grant a long-term loan of VND750 million (US$46,889) to the Ha Tinh Steel Joint-Stock Company to build a cast iron and steel plant.

The VND1,045 billion (US$65.3 million) cast iron and steel plant is invested by the Van Loi Steel Group and the Ha Tinh Mineral Corporation. The plant is scheduled to come into operation by the end of 2008 and has a designed capacity of 250,000 tons for its first phase. After that, it is expected to produce 500,000 tons of cast iron and steel annually.

Similarly, the Commercial Joint-Stock Ocean Bank has signed a contract to loan VND195 billion (USD12.2 million) to the Hoang Ha Construction Joint- Stock Company to build a colored pottery factory in the Kim Son Industrial Zone in the northeastern province of Quang Ninh.