VIETNAM: Vinatex invests $104m in vertical garment complex
The Vietnam National Textile and Garment Group (Vinatex) plans to start construction of a new VND2.2 trillion (US$104m) vertical textile and garment complex at the end of the first quarter of 2014.
The facility in An Lao district, near the northern city of Hai Phong, will include spinning, dyeing and garment manufacturing, as well as wastewater treatment.
According to Hoang Ve Dung, deputy general director of Vinatex, the complex will realise a goal of self-reliance in garment production, covering everything from fibre production, spinning and dyeing through to the finished garment.
Once operational, the complex will employ around 5,000 workers and is expected to earn $54m in export revenues in the first year.
In mid-August last year, Vinatex started construction of a VND258bn spinning plant in Phu Bai industrial zone in the central province of Thua Thien-Hue, with 21,600 spindles.
Vinatex is one of Asia's largest garment groups, consisting of almost 120 subsidiaries and joint ventures across the entire textile manufacturing industry.
The Vietnam National Textile and Garment Group (Vinatex) is hoping a planned initial public offering will help boost earnings and allow it to invest further in the business....
Vietnam has become the second largest source of foreign textiles and clothing in the US market and has established a strong presence in the Japanese and European markets, especially for clothing. Also...
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