Vietnam International Bank (VIB) signed an agreement with Texhong Yinlong, a subsidiary of Hong Kong-based Texhong Textile Group, on a VND420-billion credit (about US$20 million) for the textile company to develop its project in Quang Ninh Province.
Dam Bich Thuy, general director of VIB, said: “We’re very proud of being chosen to provide funding and financial solutions for an FIE with large investment in Vietnam. The VND420-billion credit for Texhong will be a key to Texhong’s success in Vietnam and besides, it will create 5,000 jobs for the people in Quang Ninh and nearby provinces.”
In the context of persistent economic woes, the credit agreement is a testament to VIB’s prestige and financial strength, and highlights its business policy of accompanying foreign-invested enterprises (FIEs) as well as local firms.
Texhong Textile Group is among the ten largest textile firms in Hong Kong. “Since 2006, Texhong has carried out multiple projects, and we find Vietnam as a key and highly potential investment market,” said Li Ke Dong, CEO of Texhong Yinlong.
“We choose VIB, a local bank, for this important project as we highly appreciate the capability and reputation of the bank. Besides, VIB also offers flexible and preeminent financial products. Specially, we praise the bank for its specialization in the FDI customer service that has supported us a lot during the past time,” Li said at the credit agreement signing ceremony.
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VIB finances Texhong project in Quang Ninh, Saigon Times, Jul 1, 2013
Texhong has has already invested $200 million in a plant in Dong Nai Province, and committed in Jul 2012 $300 million to a factory in Quang Ninh, which should be operational in the 2nd half of 2013.
Last year Texhong said it would invest $300 million to build a new yarn factory in Quang Ninh, which will be operational in the 2nd half of 2013. When the second-phase investment is completed next year its annual capacity will more than double to 110,000 tonnes of yarn.