Vietnam BIDV in deals with Vinatex, AGPPS 

Bank for Investment and Development of Vietnam, or BIDV, has clinched cooperation deals with Vietnam National Textile and Garment Group (Vinatex) and An Giang Plant Protection Joint Stock Company (AGPPS) to finance their projects.

For Vinatex, BIDV will arrange loans for the group to implement business projects from now to 2015. The bank will also support Vinatex and its affiliates in financial and banking services via the BIDV network.

As part of the deal, BIDV’s Phu Tai branch has signed a contract to fund Vinatex’s Hoai An garment factory which will cost VND47.5 billion.

The deal between BIDV’s branch No. 2 and AGPPS will also pave the way for comprehensive cooperation between both sides.

Besides providing financial and banking services for AGPPS and its subsidiaries, BIDV will join hands in rural programs such as giving loans for farmers to expand rice farming and processing, and produce or trade plant protection medicine. The bank will also fund factory and warehouse building projects of AGPPS in the Mekong Delta.

Initially, BIDV will fund four rice processing plants underway in the region with a combined capacity of 500,000 tons yearly. The projects require total investment capital of over 500 billion dong.

BIDV and Binh Dinh Province’s government have inked a deal to finance VND15 billion for the National Goal Program on rural development in Hoai An District.

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