The Vietnamese Phong Phu Textile Company is to invest around VND500bn in a five-year expansion plan aimed at securing a 10 per cent annual growth rate, according to a report in the Saigon Times. General director of the company, Tran Thi Duong, told the paper that the money would be spent on buying up new technology and developing new facilities, including a VND180bn (US$12.5m) spinning factory equipped with some of the latest technology available.