Home / Knowledge / News / Textiles / VietinBank extends $7.8mn loan for new textile plant
VietinBank extends $7.8mn loan for new textile plant
08
Mar '14
The Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) has signed an agreement for extending 161 billion dong (US$ 7.8 million) to Thien An Thinh Textile and Garment Joint Stock Company for setting up a new textile plant, Viet Nam News reported.
 
The construction of the new plant in the Phu Bai Industrial Zone in Huong Thuy district of Thua Thien Hue province was started immediately after the signing ceremony.
 
The new textile plant is being built as part of the Vietnam National Textile and Garment Group’s (Vinatex’s) strategy to meet the export demand for textiles and garments while decreasing raw material imports.
 
The new textile plant is likely to become operational in early 2015, and will employ 150 people, the report said.
 
In 2014, Vinatex plans to invest in 57 projects, including 2 on farm cotton, 15 yarn, 8 weaving and 24 garment projects.
 
Established in 1988 after being separated from the State Bank of Vietnam, VietinBank is one of the four largest state-owned commercial banks of Vietnam.
 
In the first two months of the current year, Vietnamese garment and textile exports earned $3.2 billion, showing a year-on-year growth of 30.1 percent, according to the Ministry of Industry and Trade statistics.
 
Vietnamese firms are expecting to bag more export orders this year due to economic recovery in developed countries and prospects of the signing of the trans-pacific partnership (TPP) agreement by June this year.
 

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 18th Feb 2017

Bangladesh apparel sector has 95% local investors: BGMEA

Over 95 per cent of the total investors in the Bangladesh apparel...

Textiles | On 18th Feb 2017

Smriti Irani resolves cutting of carpets issue at ports

During a meeting held with stake holders of the carpet weaving...

Apparel/Garments | On 18th Feb 2017

Andhra Pradesh inks MoUs to set up 12 apparel units

At the recent CII Partnership Summit held in Hyderabad, memorandum of ...

Interviews View All

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Giorgio Mantovani
Corman S.p.A

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

Mark Paterson
Technical Absorbents Ltd

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi
SVA

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

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