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VIETNAM: Partners to offer shelter for storm hit textile firms (August 22, 11)

VIETNAM: Partners to offer shelter for storm hit textile firms

For example, recently Ho Chi Minh City-based Phuoc Long Investment Joint Stock Company (PLI) and Japan’s Sumikin Bussan Group began construction of VND23 billion ($1.1 million) Phuoc Long-Sumikin Bussan garment plant in Ho Chi Minh City’s district 9.

According to PLI’s general director Ho Thi Thu Ha, Sumikin Bussan was one of Japan’s leading business groups.

“With Sumikin Bussan’s global customer base, PLI is steady in mind in shaking hands with the Japanese partner to build the export garment production plant,” Ha said.

She also added the plant would turn out top-of-the line garment products carrying well-known brands such as Blue Label, Burberry Gold, Dkny, Cecio Cela or Evex for export to the US and Japan.

Earlier, to facilitate export to US market, Phong Phu Joint Stock Corporation held negotiations with its strategic partner, US-based ITG Group, on the building of a textile-garment complex in Hoa Khanh Industrial Zone in Danang city for $80 million.

Phong Phu also held talks with ITG on scaling up investment for a joint venture project on producing cotton, denim and synthetic fabrics with a total investment of around $100 million.

Vinatex and Vietnam National Oil and Gas Group (PVN) joined hands to expedite a project on building Dinh Vu cotton and yarn factory with a daily capacity of 500 tonnes at a cost of $324.8 million.

After the Dinh Vu plant came online last month, Vinatex and PVN continued pouring capital into building another yarn factory Pvtex Phu Bai worth over VND140 billion ($6.76 million).

According to Pvtex Phu Bai director Le Quoc An, in the first phase the factory with 1,400 spindles would turn out 2,500 tonnes of yarn per year and begin operation in the first quarter of 2012.

After completing first-phase investment, the factory will embrace second-phase investment to double its production.

The factory will act as a ‘laboratory’ to test and improve material quality before selling to businesses. It would also produce and trade in 100 per cent polyester items, said An.

In the coming period, Vinatex would step up efforts to woo local and foreign firms pumping capital into textile, dyeing and supporting industry complexes which were still underdeveloped in the country, according to Vinatex chairman Vu Duc Giang. – VIR

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