Lectra to boost Asia expansion with Vietnam unit
8 July 2016 | News | Source: Beth Wright
Technology specialist Lectra has opened a new subsidiary in Vietnam as part of its ongoing expansion in the Asian market.
Based in Ho Chi Minh City, Lectra Vietnam will boost Lectra's growth in Southeast Asia. The company has had a presence in Vietnam for more than 20 years, and for the last 12 has been represented by its agent Ly Sinh Cong Trading Service Company. The new subsidiary will take over LSC's team and assets.
"Thanks to 5.5% growth in the first quarter of 2016, Vietnam is one of Southeast Asia's most dynamic economies," says Daniel Harari, Lectra CEO. "It is a top choice for manufacturers who focus on production costs and brands seeking to diversify supplies.
"The Trans-Pacific Partnership (TPP) agreement signed in February 2016 will reinforce the attractiveness of the country, where Lectra has many customers, including very large Asian companies."
Vietnam's textile and garment sector is one of its largest industries and a key contributor to the economy. Clothing exports reached US$21bn in 2014 and should grow by 8%, attaining $29.5bn in 2016, nearly a third from local firms.
Last month Lectra unveiled the newest version of its product lifestyle management (PLM) software, which it says boosts overall efficiency by extending it to pre-production stages.