Officials from the Vietnam National Garment and Textile Corporation (Vinatex) on Wednesday unveiled ambitious plans for a new $191 million polyester fibre plant.

The huge project - in conjunction with the state-run Vietnam Oil and Gas Corporation (PetroVietnam) - will see a factory with an annual production capacity of 130,000 tons built to provide for the nation's textile industry.
 
Vietnam's garment and textile industry still imports all its foreign polyester fibre but this new project - which still needs government approval to proceed - will see that figure slashed.