Funding for garment, textile firms

Chairman of the Bank for Investment and Development of Viet Nam (BIDV) Tran Bac Ha has committed to provide loans of US$2 billion to support garment and textile firms over the next five years.

Ha said opportunities for businesses would be considerable, including a wave of foreign investment in the garment and textile, leather shoes, bags, electronics and seafood sectors in Viet Nam. The first benefit was that Viet Nam would have a wider market and investors would gradually shift their production into the country, he noted.

"The opportunity requires businesses to restructure to improve their competitiveness within the integration," he added.

BIDV is to focus on material cultivation areas and investment planning for the garment and textile sector.

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