The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) will lend VND2.5tr (US$1.2bn) to the steelmaker Hoa Sen Group for the construction of two cold rolling mills.

Each mill will have a designed capacity of 200kt/y.

The loans will be disbursed in late 2013 and early 2014 under an agreement on strategic co-operation.

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% for short-term loans and 11% for long-term credits.

Source: Daily ‘Vietnam News’, Hanoi; 21 June 2013