Bank of China's Ho Chi Minh City Branch signed a $103 million syndicated loan for a Vietnam-based subsidiary of leading Chinese yarn manufacturer Texhong Textile Group, partly helping foster the good investment and trade relations between the two countries.

Provided by eight foreign and Vietnamese banks, the loan, including Bank of China's Ho Chi Minh City Branch, will be used to broaden and deepen production of Texhong Galaxy Technology Company which was established in the northern province of Quang Ninh with investment capital of $300 million. Now, Texhong Textile Group, a leading cotton textile manufacturer in the world, has four production bases in Vietnam.

Director of Bank of China's Ho Chi Minh City Branch Wang Hao thanked the Chinese firms' expanded investment in Vietnam and relevant stakeholders' involvement, the bank has had opportunities to enhance its financial services' performance in the country, contributing to the fine economic ties between China and Vietnam.

According to the Director of Bank of China's Ho Chi Minh City Branch, the two-way trade between China and Vietnam will surpass $100 billion this year, and Vietnam will overtake Malaysia to become China's biggest trading partner in Southeast Asia.