The Bank of China has signed the loan for Cheng Yang Paper Mill Company on Monday amounting to $168 million dollars.

China's official news agency, Xinhua, reported that the signing ceremony was held in Ho Chi Minh City and the general manager of the Bank of China's branch in the area, Wang Hao, was present.

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"Today, bankers and entrepreneurs from Guangdong Province of China, Hong Kong, Macao, Taiwan, and Thailand all come to celebrate the signing," Wang said in a speech during the ceremony.

The loan was provided to help improve the competitiveness of the paper-making industry of Vietnam. The Bank of China's loan to Cheng Yang Paper Mill Company will also help the establishment meet the demand of Vietnamese citizens for high-quality kraft paper and improve the living conditions of the local people.

The loan is also expected to boost the cooperation between China and Vietnam in terms of trade and investment.

The branch of Bank of China in Ho Chu Minh City also said that Vietnam would be given more opportunities in the coming years rather than problems noting that they will continue to improve their banking services and provide the best financial products and solutions to their customers in Vietnam, Shanghai Daily reported.

Cheng Yang Paper Mill Company was established in 2003. Hong Kong's Nine Dragons Group, the largest manufacturer of recycled kraft-liner board in Asia, increased its stake ownership to the company to 67 percent in June last year.

Tagschina, Bank of China, loan, Ho Chi Minh City, Vietnam, Cheng Yang Paper Mill Company, $168 million loan, kraft-liner board