Russin & Vecchi acted as Vietnam counsel (in cooperation with Squire Patton Boggs acting as English counsel) in a syndication of leading banks in Asia led by China Trust Commercial Bank (CTBC Bank) in a US$52 million facility to finance the first phase of the construction of a polyester filament yarn factory with a total designed capacity of 60,000 metric tons per year.  The project is being implemented by Unitex Corporation, a subsidiary of the Vietnam listed textile firm Century Synthetic Fiber Corp.  With the production of eco-friendly fiber, the project financed by the banks is part of the group’s intention to raise the usage of recycled materials, such as recycled PET particles from plastic bottles, towards its goal of a 50% carbon footprint reduction.  The Unitex Corporation’s new plant is expected to help the group to double its capacity.

The Russin & Vecchi team was led by Partner Nguyen Huu Minh Nhut, supported by Counsel Ha Thi Thanh Binh.