Workers produce bricks at a Viglacera factory in Thai Binh province (Photo: VNA)Hanoi (VNA) - The Vietnam Glass and Ceramics for Construction Corporation(Viglacera)’s annual shareholder meeting recently highlighted thecompany’s plan to implement investment activities in Cuba.
The company plans to set up a joint venture in ceramic and porcelain tiles withchartered capital of nearly 40 million USD and total investment of some 61.8million USD.
In the first phase, Viglacera will contribute capital by providing technicalservices, spare parts replacement and cash to renovate two factories to serveCuban market demand and export and invest in new production lines of sanitaryware and floor tiles.
In the field of tourism and hotels, Viglacera is also cooperating with domesticpartners to attract capital to establish a company, expected to have chartercapital of some 3 million USD, to cooperate with Cuban partners.
In addition, the corporation plans to set up a company in Cuba to implementreal estate projects, initially to invest and upgrade two hotels owned by twogroups in Cuba, at the same time seeking new investment projects.
Viglacera also plans to invest in industrial park infrastructure, with a 168haproject in Cuba’s Mariel Special Economic Zone.
Last December, Viglacera entered into a joint venture partnership withCuban giant developer Geicon to manufacture building material in the Caribbeanisland nation, of which, Viglacera is responsible for upgrading twoexisting ceramics and sanitary ware plants and investing in two more, fouryears after the joint venture is operational.-VNA
VNA
