Textile firms go green to boost export

The Vietnam Textile and Apparel Association said that textile exports is expected to exceed US$40 billion this year, especially amid the context that the EU-Vietnam Free Trade Agreement has been signed.

However, in order to export to this market, besides meeting rules of origin and standards on quality, firms must comply with commitment to social responsibility, of which they must mainly pay attention to responsibility for environmental safety. This has urged firms to go green in their production. Unfortunately, there are not many firms having enough capital to be able to convert their technology and production lines.

Amid the situation, the Ministry of Natural Resources and Environment said that, it has been rushing to work with professional associations and leaders of provinces to support enterprises in approaching financial aid from the Vietnam Environment Protection Fund.

Accordingly, if projects are approved, firms will get loans not higher than VND36.6 billion for a project and not higher than VND73.2 billion for an investor. Loan duration is ten years at the maximum and grace period is not longer than two years. Firms will receive preferential interest rates from 2.6 percent to 3.6 percent per annum and interest rates will be fixed during the loan term.