VietinBank to loan $1.2b to Hoa Sen

The Viet Nam Joint Stock Commercial Bank for Industry and Trade (ViettinBank) will lend VND2.5 trillion (US$1.2 billion) to the steelmaker Hoa Sen Group for the construction of two mills containing cold rolling lines.

The loans will be disbursed in late 2013 and early 2014 under an agreement on strategic co-operation which was signed yesterday, said ViettinBank chairman Pham Huy Hung.

Each cold rolling line will have a designed capacity of 200,000 tonnes of metal per year.

VietinBank has also committed to providing funds for Hoa Sen Group to supplement the company's working capital. They will enjoy preferential lending rates of 8 per cent for short-term loans and 11 per cent for long-term credits, Hung noted. 

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