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VIB & Texhong sign accord worth $20 mn
08 Dec '07
2 min read
A credit agreement was signed on Saturday (23/11/2007) in Ho Chi Minh City between Vietnam International Bank (VIB) Bank and Texhong Viet Nam.
Under the agreement, VIB Bank (Dong Nai branch) will give Texhong a loan worth a total of US $20 million within 72 months. The money will be used to guarantee and open L/C, purchase equipments, and construct infrastructure. The interest is applied when disbursing and adjusted 6 times per month.
On this occasion, VIB Bank's Chief Executive Officer said that “In our operation, we always pay much attention to developing our products and services in order to provide domestic and foreign enterprises our packed finance solutions.
This singing agreement event with Texhong Viet Nam expressed VIB Bank's investment cooperation in textile field, especially in core-spun field so as to meet the demand of the economy and the bank's customer scale expansion.
Mr Hong Tian Zhu, a representative of Texhong Viet Nam said that: “Texhong corporation is not only one of the leading supplier of core-spun textile product in the world but also on the top ten enterprises in China's textile industry. Grasping the chance and Vietnam's strong development potential, we determined to invest in the country. This agreement affirmed solidly our investment and development strategy in Vietnam.
At present, the Texhong Vietnam is operating a US $200 million textile plant in Nhon Trach industrial zone to produce cotton yearn for exports.
Texhong Textile Group is considered to be one of the largest suppliers of cotton/spandex fabrics in the world, it is specialized in production and trading of highly value-added cotton fashion fabrics and has been included into China Top 10 Enterprises in Cotton Textile Industry.
Under the agreement, VIB Bank (Dong Nai branch) will give Texhong a loan worth a total of US $20 million within 72 months. The money will be used to guarantee and open L/C, purchase equipments, and construct infrastructure. The interest is applied when disbursing and adjusted 6 times per month.
On this occasion, VIB Bank's Chief Executive Officer said that “In our operation, we always pay much attention to developing our products and services in order to provide domestic and foreign enterprises our packed finance solutions.
This singing agreement event with Texhong Viet Nam expressed VIB Bank's investment cooperation in textile field, especially in core-spun field so as to meet the demand of the economy and the bank's customer scale expansion.
Mr Hong Tian Zhu, a representative of Texhong Viet Nam said that: “Texhong corporation is not only one of the leading supplier of core-spun textile product in the world but also on the top ten enterprises in China's textile industry. Grasping the chance and Vietnam's strong development potential, we determined to invest in the country. This agreement affirmed solidly our investment and development strategy in Vietnam.
At present, the Texhong Vietnam is operating a US $200 million textile plant in Nhon Trach industrial zone to produce cotton yearn for exports.
Texhong Textile Group is considered to be one of the largest suppliers of cotton/spandex fabrics in the world, it is specialized in production and trading of highly value-added cotton fashion fabrics and has been included into China Top 10 Enterprises in Cotton Textile Industry.
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