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.
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