New joint venture, the Vietnam-Hong Kong garment and textiles Co Ltd (Vinatex HK) has been inaugurated at the New World Renaissance Hotel in Hong Kong, Asia Pulse reported today. The new company will be a collaboration between the Vietnam Garment and Textiles Corporation (Vinatex) and Hong Kong's Goldsmart Group. Present at the inauguration ceremony were Deputy Industry Minister Le Huy Con, Consul General in Hong Kong Nguyen Viet Hung, and more than 150 representatives from foreign consulates general and business groups in Hong Kong. Deputy Minister Con and Vinatex general director Bui Xuan Khu held that the establishment of the Vinatex HK Ltd would help Vietnam's garment and textiles sector outreach its markets. The national corporation earned an export turnover of US$ 484.2m in 1999, a year-on-year increase of 7.4 per cent.