Viglacera invests in Cuban economic development zone
Viglacera invests in Cuban economic development zone
Vietnam-based leading glass and construction ceramics producer Viglacera is laying the groundworks to invest 50 hectares of infrastructure for its business activities in Mariel Special Economic Development Zone (ZEDM) of Cuba, according to information from its latest annual general shareholders' meeting.
In November 2018, ViMariel S.A – a subsidiary of Vietnam Glass and Ceramics for Construction Corporation (Viglacera) – began the construction of the first industrial park in Mariel Special Economic Development Zone (ZEDM) in Cuba on November 28.
In 2017, the firm formed a joint venture in ceramic and porcelain tiles with the chartered capital of nearly $40 million and total investment of some $61.8 million in Cuba. ViMariel S.A, Viglacera’s subsidiary in Cuba, is eligible to use 156 hectares in ZEDM to build an industrial park with full road, telecommunications, water, and electricity infrastructure to serve industrial establishments, VOV reported.
With 50 years of land lease ahead, the subsidiary would specialise in luring hi-tech enterprises, producing construction materials, electronics, and other fields to meet the demand of Cuban and Central American markets.
According to Viglacera's financial report, the firm hit over VND2.28 trillion ($99.13 million) of consolidated revenue in the first quarter of 2019, which is 24 per cent higher than in the previous year. Its pre-tax profit also witnessed higher rates of 53 per cent compared to 2018.
Besides its outbound investment, Viglacera plans to deploy and pour investment in other projects, such as Phu My ultra white float glass factory, or a factory producing rolled ultra-white glass with a capacity of 650 tonnes per day in the expanded Yen Phong Industrial Zone in Bac Ninh.
