Viglacera Corporation announced ti so bong da truc tuyen signed a contract to establish a joint venture manufacturing building materials in Cuba

After nearly 3 years of bringing Viglacera products into the Cuban market, researching ti so bong da truc tuyen assessing the demand as well as the development orientation of Cuba, Central America ti so bong da truc tuyen Caribe, Viglacera Corporation decided to invest in direct production of building materials in Cuba. With the support of the two governments of Vietnam ti so bong da truc tuyen Cuba, the close co-operation of the Cuban partners, together with Viglacera's determination, the procedures for establishing the business have been completed. The ceremony of announcing ti so bong da truc tuyen signing the contract to launch a joint venture manufacturing building materials between Viglacera ti so bong da truc tuyen Cuban partners has been solemnly held in La Habana, Cuba.

President of Cuba Prodimat Company, Representative of Viglacera Corporation JSC – Mr. Ngo Trung Dung - Director of Viglacera Research ti so bong da truc tuyen Development Institute signed the contract to launch the joint venture manufacturing building materials Sanvig in the presence of the leaders of the Republic of Cuba ti so bong da truc tuyen the Viglacera Chairman – Mr. Luyen Cong Minh

Attending ti so bong da truc tuyen witnessing the signing ceremony, on the Cuban side were Cuban Minister of Construction Rene Antonio Mesa Villafana ti so bong da truc tuyen representatives of the Ministry of Foreign Trade ti so bong da truc tuyen Foreign Investment, Ministry of Labor, Ministry of Justice, Cuban Chamber of Commerce ti so bong da truc tuyen Industry, Geicon Construction Materials Group. On the Vietnamese side, there were Mr. Luyen Cong Minh, Viglacera Chairman, Viglacera officials ti so bong da truc tuyen employees working in Cuba.

At the ceremony, representatives of the Notary Public, Cuban Ministry of Justice announced the document establishing a joint venture company named SANVIG. Sanvig is a joint venture between Viglacera Corporation ti so bong da truc tuyen Prodimat Corporation of Cuban Construction Material Company (Geicon) of the Cuban Ministry of Construction with a 50/50 equity contribution, of which Cuba contributes equity of assets ti so bong da truc tuyen land of two ceramic tile factories in Santa Cruz ti so bong da truc tuyen a sanitary wares factory in San Jose ti so bong da truc tuyen the Vietnamese side contributes money, technology, machinery ti so bong da truc tuyen equipment.

The project has total investment of US $ 59.7 million ti so bong da truc tuyen chartered capital of US $ 39.86 million. In the first phase, the joint venture will focus on renovating ti so bong da truc tuyen upgrading existing two ceramic tiles factories to improve productivity, quality, change the product design in order to meet the designed capacity of 3 million square meters of tiles ti so bong da truc tuyen 150 thousand sanitary ware products per year. Then in the second phase, the joint venture will invest in a brick factory with a capacity of 3 million square meters per year ti so bong da truc tuyen a sanitary ware factory with a capacity of 500,000 products per year.

The duration of the joint venture’s operation is 15 years. In the first term, Vietnamese side will assume the position of Chairman of the Board ti so bong da truc tuyen direct the restoration ti so bong da truc tuyen renovation of two tiles factories, conduct the training ti so bong da truc tuyen technology transfer to effectively operate the joint venture.

After ti so bong da truc tuyen announcement, ti so bong da truc tuyen two sides signed an international economic cooperation contract (joint venture contract) as a legal basis for establishing a joint venture.

The SANVIG Joint venture company in Cuba opens the door for Viglacera's investment in Cuba. At this point, Viglacera will continue to invest in industrial parks in Mariel Special Zone, a joint venture to build ti so bong da truc tuyen renovate hotel management in La Habana.

Viglacera's investment in Cuba will be a prerequisite for other domestic ti so bong da truc tuyen foreign businesses to continue investing here, contributing to the development of Cuban industry ti so bong da truc tuyen economy. SAVIG joint venture is the most practical milestone of promoting the tradition of solidarity ti so bong da truc tuyen special relationship between the Government ti so bong da truc tuyen people of Vietnam - Cuba.