February 2, 2012

Vietnam Techcombank lends US$28 million to Ninh Binh Fertilizer Company

Vietnam Technological and JS Commercial Bank (Techcombank) signed a credit contract to lend VND600 billion (US$28 million) to Ninh Binh Fertilizer Company.

The loan will help supplement working capital of the Ninh Binh-based fertiliser producer, local newswire VnExpress reported Wednesday (Feb 1).

The Ninh Binh Fertilizer Company is an affiliate of the Vietnam National Chemical Group (Vinachem). It mainly supplies fertilisers for agricultural production in the Northern provinces, including the Red River Delta region.

Other members of the Vinachem such as DAP Haiphong, Ha Bac Urea Fertilizer, and Lam Thao Fertilizers and Chemicals Joint Stock Co. have also borrowed loans from Techcombank.

Techcombank currently has 1,950 shareholders, with HSBC Holdings Plc and the Hochiminh Stock Exchange-listed Masan Group being the largest stakeholders with respective ownership of 20% and 19.99%.