US$30 million poured in domestic wood company
The Vietnamese leading company in wood-working and decorative materials An Cuong Wood Working JSC will receive financial supports worth US$30 million to branch out its business, as heard a press conference held in Ho Chi Minh City on June 15.
The investment comes from the VinaCapital Vietnam Opportunity Fund (VOF) and the Deutsche Investitions-und Entwicklungsgesellschaft (DEG), an investment fund of the German KfW Group.
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Of the total amount, 70% will be contributed by the VOF and the remaining will be provided by the German group’s investment fund. The money will be doled out within one year, with US$18 million already disbursed in first stage and US$12 million to be spent in the second round.
Established in 1994, An Cuong company has been the manufacturer and distributor of wood and plastic based panels used in interior décor for well-known brands from the US, Germany, Italy, Spain and Australia.The company has 10 luxurious showrooms nationwide and a manufacturing factory in the southern province of Binh Duong. It has enjoyed robust growth of 30%-35% for years and earned a revenue of more than US$70 million in 2015.
