Home / Knowledge / News / Textiles / Chinese bank loans $103 mn to textile co in Vietnam
Chinese bank loans $103 mn to textile co in Vietnam
22
Apr '16
Bank of China's Ho Chi Minh City Branch signed a $103 million syndicated loan for a Vietnam-based subsidiary of leading Chinese yarn manufacturer Texhong Textile Group on Wednesday, Xinhua has reported.

The loan will be used to broaden and deepen production of Texhong Galaxy Technology Company which was established in the northern province of Quang Ninh with investment capital of $300 million.

Texhong Textile Group, a leading cotton textile manufacturer in the world, has four production bases in Vietnam.

At the syndicated term loan signing ceremony on Wednesday evening, Director of Bank of China's Ho Chi Minh City Branch Wang Hao said that because of the Chinese firms' expanded investment in Vietnam and relevant stakeholders' involvement, the bank has had opportunities to enhance its financial services' performance in the country, contributing to the economic ties between China and Vietnam.

According Wang, bilateral trade between China and Vietnam will surpass $100 billion this year, and Vietnam will overtake Malaysia to become China's biggest trading partner in Southeast Asia.

Vietnam and China are expediting the construction of "One Belt, One Road" and "two belts and one economic corridor," Wang said, adding that Vietnam is also implementing or going to implement many regional and bilateral free trade agreements.

General Director of Texhong Galaxy Technology Company Huang Yiyong said that Texhong will create more jobs for Vietnamese people, contribute more to the Vietnamese state budget and facilitate technology transfer.

Texhong production bases in Vietnam currently have 1.25 million spindles which is 15 per cent of Vietnam's total spindles, Huang said. They produce about 300,000 tonnes of textile each year, or 43 per cent of Vietnam's total textiles production. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Union MSME minister Kalraj Mishra

Textiles | On 1st Oct 2016

MSME policy announcement likely in October

The MSME policy is likely to be launched in October, according to...

Textiles | On 1st Oct 2016

GST Council approves rules on payments & returns

The second meeting of the GST Council, headed by Union finance...

Bangladesh’s WTO ambassador Shameem Ahsan (right) submitting his country’s TFA instrument of acceptance to WTO director-general Roberto Azevêdo. Courtesy: WTO

Textiles | On 1st Oct 2016

Bangladesh ratifies WTO’s Trade Facilitation Agreement

Bangladesh has ratified the Trade Facilitation Agreement (TFA),...

Interviews View All

Frank Gossmann
Rotorcraft AG

Sonia Agarwal
Whitenife

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search