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More textile, dyeing projects this year
Thuong Nguyet
Wednesday,  Apr 10, 2013,21:42 (GMT+7)

More textile, dyeing projects this year

Thuong Nguyet

By Thuong Nguyet - The Saigon Times Daily

HCMC – Many new textile and dyeing projects will be deployed at home this year as investors are ready to cash in on new opportunities, said Vu Duc Giang, chairman of the Vietnam National Textile and Garment Group (Vinatex).

Several companies from South Korea, Japan, Taiwan and China are planning to make investments in the local textile industry, Giang said. Some are making preparations for investment, some are in the process of negotiating contracts while others are making surveys, he told the Daily.

As planned, there will be three high-class yarn production projects as well as fabric weaving, dyeing and finishing projects in the country, Giang clarified. Most of these projects are located in the north, with Vinatex involving in some.

Giang declined to disclose specific information on the number of projects having the participation of his firm. That is because investors are still in talks over contracts with Vinatex, he reasoned.

In the final months of last year, many foreign business delegations from South Korea, Japan and China came to Vietnam to sound out investment opportunities in the garment industry to stay ahead of the Trans-Pacific Partnership agreement that the nation will be engaged in. The TPP deal is expected to give a strong boost to the local apparel industry, and therefore, numerous foreign firms have sought to cooperate with Vinatex.

For instance, Michael E. Mayer, director of material division of Austria’s Lenzing Group, last November worked with Vinatex on a plan to develop a wooden powder and viscose fiber factory in Vietnam.

Similarly, China’s Huafu and Japan’s Marubeni Corporation in October last year also visited Vinatex to ask for a tie-up with the firm in making yarn and viscose fiber in the country.

Many projects in the garment and textile industries are now under progress following contracts signed between local and international partners.

The projects include the Thien Nam Sunrise Joint-stock Company following a joint venture signed in November between Vietnam’s Thien Nam and China-based Sunrise Corp., a joint venture between Japan’s Itochu and Vinatex to develop a fiber and yarn factory worth US$120 million in Nam Dinh, and a project by Hong Kong’s Texhong under construction in Quang Ninh Province.

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