The state-run Vietnam National Textile and Garment Group (Vinatex) has opened an office in Ho Chi Minh City in the south of the country to accelerate the implementation of several major projects and help prepare for the Trans-Pacific Partnership (TPP) free trade agreement.

Southern Corporation Textiles was launched at the weekend with capital of around VND520bn (US$23.2m), and is a consolidation of five investment projects across the country's garment industry.

Pham Phu Cuong, deputy general director of Vinatex, will hold the post of chairman of the management board and CEO.

Vinatex chairman Tran Quang Nghi said the establishment of Southern Corporation Textiles, in addition to the Garment Corporation North in Hanoi, will enable accelerated investment in the new fiscal year, with the mission of focusing resources, bringing on board new partners and customers, and providing a complete service from textile materials to high quality garments at a competitive price.

Speaking at the launch ceremony, Ms Ho Thi Kim Thoa, deputy minister of industry and trade, welcomed the move and asked the steering group to hasten the deployment of construction documents, legal information, and rules and regulations for corporations.