The Bank for Investment and Development of Vietnam (BIDV) has agreed to lend the Hoang Phat Vissai Group VND7trn (US$311.11m), the lion's share of which will go towards developing the Song Lam cement plant in the central Vietnamese province of Nghe An.

Under the agreement, which was signed at the 2016 Spring Meeting, VND6.02trn of the total will be used to develop Phase 2 of the Song Lam cement plant and VND965bn for the construction of international seaport project in Nghi Thiet commune, Nghi Loc district.

The BIDV had earlier loaned Hoang Phat Vissai VND6.3trn for the development of Phase 1 of the Song Lam cement plant, comprising two production lines with a capacity of 12,000tpd. Phase 2 includes the construction of a third production line with 6000tpd, to be developed over the 2017-2020 period. (Source: Vietnam News Brief Service)