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Banking & Finance

Vietcombank & Vinatex come together

Released at: 16:58, 11/08/2015

Vietcombank & Vinatex come together

Cooperative agreement part of preparations by both sides for TPP.

by Nguyen Quynh

The Bank for Foreign Trade of Vietnam (Vietcombank) and the Vietnam National Textile and Garment Group (Vinatex) have held a signing ceremony for a comprehensive cooperation agreement.

Speaking at the signing ceremony, Ms. Ho Thi Kim Thoa, Deputy Minister of Industry and Trade, appreciated the efforts of both sides to reach a conclusion to the agreement. She believes that Vietcombank will provide more concessional resources to help Vinatex sustain its production and business resources.

The comprehensive cooperation agreement takes the relationship between the two to a new level, opening up the opportunity to work closely and use the advantages held by either side.

According to Mr. Nghiem Xuan Thanh, Chairman of the Board at Vietcombank, the bank appreciates the role of Vinatex as a leader in Vietnam’s garment market, with exports estimated at $3.6 billion to the end of 2015 and targeted at $5 billion by 2020, and he committed to continuing to provide support.

The collaboration is a step towards both sides preparing for the Trans-Pacific Partnership (TPP), in which textiles are set to benefit the most.

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