01/07/2014

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VIETNAM: Bank, rubber firm boost ties

The bank undertook to provide the company with financial assistance for its production and business activities, and with services such as deposits, payments, guarantees, foreign current management and risk prevention.

To seal the commitment, the bank signed a VND750 billion (USD 35.71 million) credit contract on the same day with MDF VRG Quang Tri, a member company of the group.

Vietcombank said it had supported VRG investments in such areas as rubber growing, wood processing, and infrastructure, traffic and industrial zone development, with a total fund of over USD 145 million.

VRG, one of the nation's major economic groups, is expected to manage 500,000ha of rubber plantations by 2015. It is expected to reach annual output of 1.5 million tonnes and export revenues of USD 3 billion by 2020.

Source: bizhub.vn, Hanoi; 13 Dec 2013
(Syed Rashid Ali, Karachi, Pakistan)



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