30 million USD poured in domestic wood company hinh anh 1At the press conference (Photo: laodong.com.vn)

Hanoi (VNA)
– The Vietnamese leading company in wood-working and decorative materials An Cuong Wood Working JSC will receive financial supports worth 30 million USD 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.

Of the total amount, 70 percent 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 18 million USD already disbursed in first stage and 12 million USD 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 percent for years and earned a revenue of more than 70 million USD in 2015.-VNA