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Financial subsidiary of Vinatex to raise additional capital
24 Mar '09
1 min read
The State Bank of Vietnam has given approval to the Vietnam Textile and Garment Finance Company to raise its capital in a bid to support the textile and garment companies, in the midst of an economic crisis, an official source of Vinatex said.
The Vietnam Textile and Garment Finance Co. is a subsidiary company of Vinatex that has been established to provide financial services to textile and garment companies, like provision of loan, financial management, international transaction etc.
According to the decision of the State Bank, its charter capital will go up to VND 300 billion (equivalent to US$17.2 million) from VND 234 million (US$13.4 million).
The government has been carrying out measures to help local economy survive the onslaught of the crisis, especially for exports from the textile and garment sector and allowing the financial company to raise capital is a step towards the same.
The Vietnam Textile and Garment Finance Co. is a subsidiary company of Vinatex that has been established to provide financial services to textile and garment companies, like provision of loan, financial management, international transaction etc.
According to the decision of the State Bank, its charter capital will go up to VND 300 billion (equivalent to US$17.2 million) from VND 234 million (US$13.4 million).
The government has been carrying out measures to help local economy survive the onslaught of the crisis, especially for exports from the textile and garment sector and allowing the financial company to raise capital is a step towards the same.
Fibre2fashion News Desk - Vietnam
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