Dong Nai Branch of VIB provides a loan of $20 million to Texhong VN

(ĐN)- On November 23, Dong Nai branch of VIB Bank signed a credit contract with Texhong Viet Nam Textile Company for its import-export payment and production expansion.

(ĐN)- On November 23, Dong Nai branch of VIB Bank signed a credit contract with Texhong Viet Nam Textile Company for its import-export payment and production expansion.

Under the contract, the branch will provide the Texhong VN a 72-month loan worth $20 million as a guarantee for the company to open L/C, purchase machinery and equipment, build offices and factories

As known, Texhong VN is a subsidiary of Hong Kong-based Texhong Textile Group, one of the largest suppliers of cotton fabrics in the world. Its $20 million cotton yarn factory is built on an area of 30 hectares in Nhon Trach 5 Industrial Zone. The factory is expected to produce 100,000 tonnes of product a year for export to China and Asean countries and its annual turnover is estimated at $300 million.

Reported by K.L