Phan Dinh Tue (L), Sacombanks deputy CEO, and Vu Duc Giang, chairman of the Viet Nam Textile and Apparel Association, sign an agreement for boosting the development of the garment and textile industry. — Photo Courtesy of Sacombank

Sacombank signed an agreement with the Viet Nam Textile and Apparel Association (VITAS) on November 4 to support the latters activities to boost the development of the textile and garment industry.

It will also advise and provide credit at preferential interest rates and appropriate financial and banking solutions to help textile and garment enterprises optimise their business activities and strengthen their competitiveness.

This year is considered to be a breakthrough one in Viet Nam's integration with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership coming into force and the EU-Viet Nam Free Trade Agreement being signed.

These are considered an opportunity to help Vietnamese textile companies access large markets and boost exports.

But along with the opportunity to access new markets, the integration process also brings many challenges to the Vietnamese textile industry.

Speaking at the signing ceremony, Phan Dinh Tue, deputy CEO of Sacombank, said: “With its motto of customer centricity, besides proactively co-operating with businesses, Sacombank has always wanted to join in and collaborate with business groups to gain in-depth understanding of the industry and thus devise more comprehensive solutions for businesses.

“The co-operation with the Viet Nam Textile and Apparel Association is one of the tasks for Sacombank to realise this policy, so that together [they can] wait for the opportunities brought by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

“Sacombank is committed to providing financial solutions to help textile enterprises improve their production and business efficiency."

Vu Duc Giang, VITAS chairman, said the association would support the bank and offer consultancy for projects related to the textile and garment industry, and expected the co-operation to be carried out on the basis of trust and efficiency for mutual benefit. — VNS