Techcombank grants credit to Ninh Binh fertilizer company

News - Viet Nam Technological and Joint Stock Commercial Bank (Techcombank) will grant a credit loan of VND600 billion (US$28.6 million) to Ninh Binh Nitrogenous Fertiliser MTV Company, a member of the Vietnam National Chemical Corporation (Vinachem), to develop production.

According to a contract signed recently in Ha Noi, the company will use the loan to buy materials for production. It is expected to contribute to creating a stable and long-time source of fertilizer for agricultural production in provinces along the Hong (Red) River Delta and other northern provinces.

Techcombank's Deputy General Director Pham Quang Thang said his bank would continue granting credit loans for similar activities this year to contribute to reducing the pressure on the trade deficit and to help stabilise the economy.

Techcombank and Vinachem have worked under a comprehensive co-operation agreement that was signed in October 2008. Vinachem's members, including Sao Vang Rubber Company, Ha Bac Nitrogenous Fertiliser Company and Lam Thao Chemical Company, have used credit loans from the bank to improve production and expand their operations.