A production line of Texhong in Quang Ninh province. (Photo: baoquangninh.com.vn)
Bank of China’s Ho Chi Minh City
branch has arranged a $103-million syndicated loan for a Vietnam
-based subsidiary of Chinese yarn manufacturer Texhong Textile Group, according to China Daily.
The loan, provided by eight foreign and Vietnamese banks, will help Texhong Galaxy Technology Company, which was established in the northern province of Quang Ninh
with an investment of $300 million, expand and deepen production.
Texhong Textile Group, which manufactures and sells yarn and grey fabrics, has four production bases in Vietnam. The bases have some 1.25 million spindles in the country, or some 15% of Vietnam’s total, said Huang Yiyong, general director of Texhong Galaxy Technology Company.
They produce about 300,000 tons of textile each year, or 43% of Vietnam’s total, Huang added.
The two-way trade between China and Vietnam will surpass $100 billion this year, and Vietnam will overtake Malaysia to become China's biggest trading partner in Southeast Asia, said Wang Hao, director of Bank of China’s HCM City branch.