Vietcombank lends money to Chinese-invested business
The Joint Stock Commercial Bank for Foreign Trade of Vietnam’s (Vietcombank) chapter in northern Nam Dinh province formalised a deal to provide VND128 billion (US$5.9 million) for Chinese-invested Yulun company to build its yarn-producing factory in the locality.
Capable of generating 7,800 tonnes of yarn per year, the factory’s construction is expected to cost VND324 billion (US$14.9 million).
A Yulun representative said cheap building service prices and low-cost labour in Vietnam appealed to the company.
Tran Manh Hung, Director of Vietcombank’s provincial chapter, pledged the bank’s support to foreign investors with competitive services in line with the Vietnamese Government’s orientation.