The Bank for Investment and Development of Viet Nam (BIDV) signed a contract yesterday to provide 20 million euros (US$27 million) in financing for a new Vinashin Beer JSC plant in the northern province of Ha Nam.
The project has a total investment capital of 95 million euros ($130 million) - of which the Czech Export Bank (CEB) is contributing 50 per cent.
CEB did not request guarantees from the Vietnamese Government as part of the agreement.
"BIDV will offer a fixed interest rate for the loan," said BIDV general director Tran Bac Ha.
The CEB and BIDV loans are repayable over a 10-year period.
"The establishment of the plant is quite timely and promises to bring much profit to Viet Nam right now, despite the fact that there are many beer plants nationwide. As far as I know, each Vietnamese person drinks 16 litres of beer per year - compared to countries in Europe where the figure is 170 litres annually," Ha said.
Meanwhile, Czech company ZVU Potez, which manufactures food products and chemical equipment, signed a contract to supply the plant with hi-tech beer-making equipment.
The company said the project had great potential and that Czech beer was sure to be popular with Vietnamese consumers.
Source: VNN
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