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.
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....
- Gap and H&M back Myanmar path to labour reform
- Levi Strauss raises the bar on sustainability
- Clarity on competition law and living wages
- Can technology shape a sustainable fashion future?
- Frustrations come to the fore in Bangladesh
- Talks progressing on Myanmar minimum wage
- Fast Retailing supplier continues strike talks
- Hugo Boss in talks over supplier labour claims
- US trade agenda back on track
- H&M warns of "negative" impact from dollar
- Global market review of lingerie - forecasts to 2020
- World Textile and Apparel Trade and Production Trends: The EU - May 2015
- Wool in the 21st Century: new prospects for a familiar fibre
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Myanmar's Garment Sector - Opportunities & Challenges in 2015