PVTex to operate first polyester fiber project early 2011
By Hong Van - The Saigon Times Daily
HCMC - PetroVietnam-Vinatex Dinh Vu Joint Stock Company (PVTex) is recruiting 380 workers to prepare for operating the country’s first polyester fiber plant in Haiphong-based Dinh Vu Industrial Zone early next year.
The plant, with annual output of 175,000 tons of fiber, will help the apparel industry reduce its reliance on imported materials for local production, said Le Trung Hai, deputy general director of Vinatex, a partner in the US$325-million joint venture.
Local producers currently can meet between 25% and 35% of the apparel industry’s demand for synthetic fiber, but the new plant alone will be able to meet 40% of local demand, Hai said.
The plant, using byproducts of the oil-refining industry as feedstock for its operation, will generate annual revenue of US$300 million, he added.
The plant got off the ground a year ago as a joint venture between PetroVietnam and Vinatex, the latter being the top-notched State-owned garment and textile corporation.
In May last year, the joint venture signed an Engineering-Procurement-Construction contract worth US$250 million with a consortium to build the polyester fiber plant in the industrial zone.
Under the deal, contractors including Hyundai Engineering Company, LG International Corp and Oil and Gas Construction Joint-Stock Company will supply spare parts and materials and training for the plant’s technicians.
This is the first project in Vietnam to produce polyester fiber from purified terephthalic acid (PTA) and monoethylene glycol (MEG) using advanced technologies.