The state-run Incombank and Vietnam Cement Corporation sealed a strategic partnership Thursday for joint growth.
Incombank will become a major investor in VNCC and its affiliates’ projects through providing finance.
In turn, VNCC will use banking and financial products and services only from Industrial and Commercial Bank of Vietnam, as Incombank is formally known.
The deal will also enable joint venture activities by the two.
Incombank has already invested more than VND5 trillion (US$311.7 million) in major VNCC’s cement plants in Hai Phong, Binh Phuoc, But Son, Hoang Mai, Tam Diep, Hoang Thach, and Ha Tien.
The bank has arranged 90 percent of the cost of a new production line at the Bim Son Cement Plant in Thanh Hoa province.
The Hanoi-based bank, which has a registered capital of VND10 trillion (US$625 million) is expected to list its shares on the stock market this year.
It is in the process of finding a foreign consultant to manage its initial public offering (IPO), planned for October.
Source: Thanh Nien
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