According to a report by the “Vietnam Economic Times” on January 17, the Bank of Investment and Development of Vietnam (BIDV) recently signed a loan agreement with the Vietnam Textile Group (Vinatex) to provide the group with a loan of US$600 million to expand investment and Improving technology to better cope with Vietnam’s impending entry into the TPP. Among them, from 2014 to 2016, US$250 million of short-term loans were used for enterprises’ import and export trade; US$350 million of medium- and long-term loans were used for enterprises to expand investment.
Chen Guangyi, general manager of Vietnam Textile Group (Vinatex), said that the loan provided by BIDV will help Vietnam accelerate the increase in the proportion of localized textiles. It is expected that the proportion of localization of Vietnamese textiles will increase to 60% in 2015 and to 70% in 2020.
