On Monday morning, the Da Nang branch of the Bank for Foreign Trade of Viet Nam (Vietcombank) entered into an agreement with the Hoa Tho Textiles and Garments Company to give loans to the Hoa Tho No 1 Veston factory expansion project.

The project is expected to cost a total of 207 billion VND, of which 134 billion VND will be loaned from Vietcombank.  About 139 billion VND of the total capital will be spent buying machinery, equipment and advanced technology Veston production lines from Japan, Europe and other countries.   

The signing ceremony of the agreement (Source: http://dddn.com.vn)

The construction work will be divided into 2 phases.  The 1^st phase of the project will cost 65 billion VND and the 2^nd will be 142 billion VND.

The General Director of the company, Mr Nguyen Duc Tri, said that the factory will have an additional 4 Veston production lines installed, with a total annual capacity of 800,000 units.  Once operational, this will help to earn 160 billion VND each year from exports, he added.  As a result, its products will be diversified and their quality will be improved, bringing its total annual production capacity to 12 million units.