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| Representatives of TPBank and Flexcom Vina Company Ltd signed a US$10-million credit contract on December 18 in Ha Noi. — Photo courtesy of TPBank |
HA NOI (Biz Hub) — The TienPhong Commercial Joint Stock Bank (TPBank) on December 18 signed a US$10-million credit contract with Flexcom Vina Company Ltd.
The loan will supplement Flexcom Vina's working capital for manufacturing electronic circuit boards for the South Korean Samsung firm in Viet Nam, and also for their export.
TPBank's General Director Nguyen Hung said that giving aid to supporting and high-tech enterprises was one of the bank's strategies.
"The completion of negotiations of the free-trade agreement (FTA) between Viet Nam and South Korea and their readiness to sign it will boost bilateral trade. The agreement will bring an opportunity for enterprises and banks of the two countries to tighten their co-operation. There also will be more supporting companies from South Korea investing in Viet Nam," he added.
TPBank said that it will consider increasing the lending limits for Flexcom Vina, so that the amount could contribute to its working capital and high-tech equipment investment.
The company is known as the largest electronic circuit board supplier of Samsung in Viet Nam. It expects to use the credit package for expanding the production in its factories in Viet Nam to meet all requirements of its partner firm, Samsung.
Flexcom Vina, a 100 per cent South Korean company founded in 2008, is located in the Yen Phong Industrial Zone in the northern province of Bac Ninh. It has two factories in the province that employ 6,000 workers. — VNS