Business / Companies

Bank of China provides loan to Chinese paper firm in HCM City

(Xinhua) Updated: 2016-07-05 10:01

HO CHI MINH CITY - Bank of China, other lenders and Cheng Yang Paper Mill Company signed here on Monday a syndicated loan of $168 million.

At the signing ceremony, Wang Hao, general manager of Ho Chi Minh City Branch of Bank of China, said "Today, bankers and entrepreneurs from Guangdong Province of China, Hong Kong, Macao, Taiwan and Thailand all come to celebrate the signing."

The syndicated loan is to help improve the competitiveness of Vietnam's paper-making industry, meet the higher demand of Vietnamese people for high-quality kraft paper and improve the living condition of local people, thus enhancing the cooperation between China and Vietnam in investment and trade.

According to Ho Chi Minh City Branch of Bank of China, Vietnam is confronting with more opportunities than challenges in the next few years. The branch will continue to improve its diversified banking services, and provide the best financial products and solutions to its customers in Vietnam.

Cheng Yang Company was established in 2003. In June 2015, the Hong Kong-based Nine Dragons Group, the largest manufacturer of recycled kraft-liner board in Asia, increased its stake ownership in Cheng Yang to 67 percent.

The total production capacity of the kraft-liner board paper mill expansion project in the city is 442,000 tons, with the products for sales mainly in Vietnam, Cambodia and Laos.

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