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

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search