March 6, 2017 / 10:36 AM / 10 months ago

Vietinbank to lend steel firm Hoa Phat 10 trillion dong

HANOI, March 6 (Reuters) - Vietnam’s steelmaker Hoa Phat has signed a contract to borrow 10 trillion dong ($439 million) from lender VietinBank to help finance its steel complex project, the company said on Monday.

The loan has a term of seven years with favourable interest rates applied.

The project, which started last month in central province of Quang Ngai, will require a total investment of 52 trillion dong.

Hoa Phat expects to finish the project by late 2019, tripling its annual steel production capacity to 6 million from its current 2 million.

Hoa Phat took over the project from Guang Lian Steel Vietnam, which has delayed the project for 10 years. (Reporting by My Pham; Editing by Tom Hogue)

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