$143 million loan for salt processing plant in Laos.
Vietinbank and the Vietnam National Chemical Group (Vinachem) have signed a $143 million credit agreement for Vinachem’s salt processing plant project in Nongbok district in Khammouan province in Laos, which is a key project of the Group and the largest Vietnamese investment in the country.
The project has been approved by the Ministry of Industry and Trade and has a total investment of $522.4 million, of which Vinachem’s capital stands at $104.5 million.
The mine is located to the east of the Nonglom salt mine on an area of approximately 175,000 sq m and will produce two major products: K60 KCl, with a capacity 320,000 tonnes per year, and high quality NaCl salt, with a capacity of 300,000 tonnes per year.
“The project’s output will meet the demand for fertilizer for agricultural production, provide NaCl to produce other chemicals in Vietnam, resolve the shortage of industrial salt, and reduce imports,” the General Director of Vinachem, Mr. Nguyen Gia Tuong, said.
Upon completion the project will create jobs for thousands of local people. In addition to ensuring economic efficiency, Vinachem will also focus on the application of technology to protect the local environment and develop a long-term and sustainable investment.
VietinBank previously held a launch ceremony to open a subsidiary bank in Vietnam’s neighbor, which is expected to create conditions for the business communities of the two countries to promote cooperation and investment.