The Indian Government has officially kicked off the preferential credit package of $300 million to promote India-Vietnam garment cooperation, the Vietnamese media has reported. India will invest in building an industrial park specialising in garment and textile material production near Ho Chi Min City.
The credit package will help Indian businesses develop factories in Vietnam, and promote Vietnamese businesses concerned to expand cooperation with Indian partners.
It will support Vietnam’s garment and textile businesses to develop material sources and implement weaving and dyeing projects.
Truong Van Cam, representative from the Vietnam Textile and Apparel Association (Vitas) said the Vietnam Export Import Commercial Joint-Stock Bank (Vietnam Eximbank) was selected to disburse the credit package.
The credit package also aims to fully tap opportunities after the Trans Pacific Partnership (TPP) agreement which is expected to be signed in the near future.