India finances US$300 million to promote VN’s garment
The Indian Government officially started the preferential credit of US$300 million to boost its garment cooperation with Viet Nam, according to the Viet Nam Textile and Apparel Association (VITAS).
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India will finance textile and apparel projects in which its equipment and services make up 75% of the value of the projects.
The loan will be extended to 10 years with the interest rate of 2%.
The credit is aimed at assisting Indian businesses to develop their factories in Viet Nam as well as enhance Vietnamese enterprises to expand cooperation with Indian partners.
The move creates an opportunity for businesses to take more advantages when the Trans-Pacific Partnership negations conclude.
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