VIETNAM: BIDV signs $600m Vinatex finance deal
The Bank for Investment and Development of Vietnam (BIDV) has signed a US$600m finance agreement with the Vietnam Textile and Garment Group (Vinatex).
According to Vinatex's website, the deal includes a $250m short-term loan and a $350m long-term loan for 2014-2016.
It is expected to help Vinatex expand its production and business operations to take advantage of the expected benefits of the proposed Trans-Pacific Partnership (TPP) trade treaty with countries including Canada and the US.
Vinatex said it may also look to invest in a textile mill, as well as between eight and ten garment factories, and a proposed supermarket chain in Quy Nhon and towns in the Binh Dinh province.
Apparel specialist retailers witnessed a current value decline of 6% from 2011 to reach sales of below VND23 trillion in 2012. Decline was due to the economic slowdown. In 2012, the Vietnamese economy...
Vietnam's garment and textile export turnover is likely to reach US$24.5bn in 2014, an increase of over 19% on last year - and the largest rise in three years - new figures show....
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