Italian warp-knit fabrics manufacturer Carvico has signed an agreement with local government to build a new plant for sportswear fabrics in Vietnam.

The plant, to be located in he Northern province of Hung Yen, will cost US$27m to construct.

Built on an area of over 40,000 square metres, the plant will be under the management of a newly established subsidiary of Carvico called Hung Yen Knitting and Dyeing Company, operating warping, knitting and dyeing departments.
 
Once coming into official operation in June 2009, the plant will recruit around 150 local workers and produce 20m metres of fabric a year to go on sale in Asian and local markets.
 
By Ngo Tuan.