Business

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 128 billion VND (5.9 million USD) for Chinese-invested Yulun company to build its yarn-producing factory in the locality.
The Joint Stock Commercial Bank for Foreign Trade of Vietnam’s (Vietcombank) chapter in northern Nam Dinh province formalised a deal toprovide 128 billion VND (5.9 million USD) for Chinese-invested Yuluncompany to build its yarn-producing factory in the locality.

Capable of generating 7,800 tonnes of yarn per year, the factory’sconstruction is expected to cost 324 billion VND (14.9 million USD).

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, pledgedthe bank’s support to foreign investors with competitive services inline with the Vietnamese Government’s orientation.-VNA
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