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Luthai Textile to set up garment company in Vietnam
31
Dec '15
The Shandong-based Luthai Textile Co., Ltd. has said it will invest $30 million in setting up the Luthai (Vietnam) Garment Co., Ltd. in An Giang, Vietnam with a processing capacity for 6 million pieces of garment, a Chinese textile industry website has reported.

The exercise is intended to extend Luthai's textile chain in Vietnam to garment production and increase investment returns.

This investment is believed to take the advantage of low Vietnamese labour cost, reduce production cost, make the company's garment processing business more competitive on the world market and establish a more complete industrial chain. The Vietnam-based company will integrate competitive resources both at home and abroad, effectively evade potential trade barriers and improve the company's overall global distribution of production.

Luthai Textile Co., Ltd. is the parent company of Luthai Group, which has 12 holding companies, 36 production sites, total assets of CNY 8.59 billion ($1.3 billion) and net assets of CNY 6.87 billion ($1.06 billion). The company owns 150,000 mu (1 mu=0.0667 hectare) of high-quality long-staple cotton growing land, 750,000 spinning spindles and 100,000 doubling spindles. It produces yearly 190 million meters of yarn-dyed fabric, 85 million meters of printed and dyed fabric and 20 million pieces of shirts bearing one of the top ten brands in China. (SH)

Fibre2Fashion News Desk - India

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