Vietnam’s Agribank, Hoang Mai branch, has approved a 1.7 million euro (US$2.16 million) line of credit to Cavico Mining for purchase of construction equipment for use in building hydropower and other projects.
Cavico Mining, a 50 percent subsidiary of Vietnamese construction company Cavico Corp., is to use the credit line to purchase equipment valued at about 2.1 million euros (US$2.67 million). Cavico Mining is to fund the remaining 400,000 euros (US$508,000).
Executive Vice President Timothy Pham of Cavico Corp., said the company thinks the purchased equipment will enhance its efficiency and its ability to secure larger projects. Cavico Mining has a revenue goal of more than US$10 million in 2006, he said.
Cavico Mining is involved in many large-scale projects in Vietnam, including dam construction for the 97-MW Cua Dat hydropower project in Thanh Hoa Province (HNN 7/31/06) and tunnel construction that is to begin soon at the 220-MW Nam Chien hydropower project in Son La Province.