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

Cambodia’s economic growth to remain strong in 2017 & 2018

Apparel/Garments | On 14th Dec 2017

Cambodia’s economic growth to remain strong in 2017 & 2018

Cambodia’s economy is expected to grow at 6.9 per cent and 6.8 per...

2 garment factories to be set up in Jordan’s Arjan, Souf

Apparel/Garments | On 14th Dec 2017

2 garment factories to be set up in Jordan’s Arjan, Souf

Jordanian Prime Minister Hani Mulki recently laid the foundation...

BRC welcomes ‘breakthrough’ on Brexit talks

Apparel/Garments | On 14th Dec 2017

BRC welcomes ‘breakthrough’ on Brexit talks

The British Retail Consortium (BRC) has welcomed the recent...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi
SVA

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

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search