Vietinbank to roll $120.2 million to Hoa Sen group

Vietinbank will provide Hoa Sen Group with VND2.5 trillion ($120.2 million) in loans for the latter to construct two cold rolling lines.

The loans would be disbursed in late 2013 and early 2014, said Vietinbank chairman Pham Huy Hung.

According to the agreement, the loans will be provided for two cold rolling lines with the capacity of 200,000 tonnes per year and each of these lines can produce plates with the capacity of 400,000 tonnes per year which belongs to the phase 2 of the Hoa Sen Phu My steel sheet plant.

In addition, Vietinbank committed to supply funds to Hoa Sen Group to beef up the company’s working capital.

Hoa Sen Group belonged to customers of group A, so lending rates would be 8 per cent for short term loans and 11 per cent for long term credit, Hung said.

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