Vietnam International Bank (VIB) and Texhong Yinlong Technology Limited, a subsidiary of Texhong Textile Group – one of the top 10 largest textile groups headquartered in Hong Kong, have signed a VND420 billion ($20 million) credit agreement to finance the firm’s facility in northern Quang Ninh’s Hai Yen Industrial Park.
In the existing difficult economic context, this credit agreement demonstrates the bank’s financial strength and also indicates VIB’s consistent business policy to accompany foreign invested enterprises in particular and local businesses in general.
“We are proud to be the first local bank selected to provide capital and financial solutions to a foreign invested enterprise with a large investment capital amount in Vietnam. This credit will play an important role in the success of Texhong in Vietnam. In addition, the project will also help to create 5,000 jobs for residents in Quang Ninh and neighbouring provinces,” said Dam Bich Thuy, CEO of VIB.
Texhong Yinlong Technology’s facility is known as the largest foreign invested project in industrial parks and economic zones in Quang Ninh.
“Since 2006, Texhong Group has continuously developed investment projects and Vietnam is a key and highly potential investment market. We choose VIB, a local bank, for this important project as we highly appreciate the capability and reputation of the bank. Besides, VIB also offers flexible and preeminent financial products. Specially, we praise the bank for its specialisation in the FDI customer service that has supported us a lot during the past time,” said Li Ke Dong, CEO of Texhong Yinlong Technology.