Viglacera sets up construction material joint venture in Cuba

16:21 | 20/12/2016 Companies

The Vietnam Glass and Ceramics for Construction Corporation (Viglacera) and the Cuba Industrial Construction Group (Geicon) have contributed over 39.8 million USD in chartered capital to set up a joint venture to produce construction materials in Cuba.

A production line of Viglacera (Photo: VNA)

Geicon is responsible for building plans to exploit and transport raw materials, ensuring both quality and quantity, to the two plants, as well as seeking to sell products at home – which are expected to make up 70 percent of the total output, and finding export markets.

It will also complete all necessary documents to establish the Prodimat commercial company that owns property and land use rights of the two factories.

Meanwhile, Viglacera will designate or set up a new company to conclude the contract with Prodimat while upgrading two factories producing ceramic tiles and sanitary ware.

The two sides will continue completing the feasibility study and submit to Vietnamese and Cuban authorised agencies for approval.

Theo VNA