The Vietnam National Textile and Garment Corporation (Vinatex) will spend VND2.2 trillion this year in order to retain its rate of growth and increase export revenue.

The money will mostly got to the Da Nang city textile and dying project, which is focusing on expanding the Hanoi Textile and Garment, Dong A Textile and March 8th companies as well as some accessory-producing projects.

Vinatex will spend the first quarter of the year reviewing its products, and also plans to ask the government to slash value-added taxes in order to cut down on product costs and keep its competitiveness in the local market.