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BIDV, Vinatex sign $600mn financing agreement
Jan '14
courtesy: Vinatex
courtesy: Vinatex
The Bank for Investment and Development of Vietnam (BIDV) has signed an agreement to extend US$ 600 million loan to the Vietnam Textile and Garment Group (Vinatex) in 2014-16, Vinatex said on its website.
The financing agreement includes a $250 million short-term loan and a $350 million medium- to long- term loan. 
The amount would be used by Vinatex for improving the efficiency of its production and business operations, especially in view of Vietnam joining the Trans-Pacific Partnership (TPP) agreement.
A part of the money would also be used by Vinatex for investing in projects of its member companies.
At the signing ceremony, which took place in the central coastal province of Binh Dinh, Vinatex representative said the Group intends to build a weaving and dyeing factory, and also construct eight to ten garment factories for manufacturing and export.
The Group is also planning to build a chain of supermarkets and direct selling in Binh Dinh province’s Quy Nhon City and its adjoining towns and districts.

Fibre2fashion News Desk - India

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