Vietnam National Textile and Garment Group (Vinatex) is on a massive investment drive – pumping in nearly 1 trillion dong ($44.36 million) in four factories to produce materials and products for the garment and textile sector in Ha Tinh Province in the coming years, the Vietnam News Agency has reported.
Vinatex, one of Vietnam's largest companies, plans to break ground for Hong Linh 1 garment factory worth VND110 billion ($4,879,600) in February next year and Hong Linh 2 garment plant capitalized at VND80 billion ($3,548,800) in early 2017.
Work will start on the VND314-billion ($13,929,040) Hong Linh towel factory with an annual capacity of a 1,500-tonne in late 2017 and Hong Linh textile and knitting facility worth VND410 billion ($18,187,600) and an annual capacity of 1,400 tonnes a year, the report said.
The four factories will occupy 19 hectares in Nam Hong Industrial Zone and manufacture products for domestic consumption and export from 2018. Vinatex will build a wastewater treatment facility and a water pumping station with a capacity of 4,000 cubic metres per day for the factories.
The new factories are expected to help Vinatex develop a supply chain for the apparel sector to capitalize on bilateral and multilateral trade agreements, including the Trans-Pacific Partnership (TPP) trade pact.
The Vietnamese textile and garment sector is looking to achieve export revenue of $27-27.5 billion this year. (SH)
Fibre2Fashion News Desk – India
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