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TAL Group to invest $200mn in Vietnam garment project
05
Jul '13
Hong Kong-based TAL Group is planning to invest US$ 200 million for the production of garments and textiles in Vietnam.
 
This would be the group’s second garment unit in Vietnam, following the US$ 40 million investment made by the company in 2004 for setting up TAV Limited in Phuc Khanh Industrial Zone, in Thai Binh province.
 
The group intends to expand its investments in Vietnam with a US$ 200 million garment and textile project in Phase I, TAL development director Roger Lee told Vietnam’s Deputy Minister of Planning and Investment (MPI), Cao Viet Sinh, when he met him in Hanoi last month, vov.vn reported.
 
The fabrics and apparel at the new unit would be produced using latest technologies that do not cause pollution and the firm would ensure that environmental standards are maintained, Mr. Lee said.
 
For the new garment project, TAL would also work with representatives of the Ministry of Industry and Trade (MoIT) and the Vietnam Garment and Textile Group (Vinatex), he added.
 
On his part, Deputy Minister Sinh said the MPI would support and create favourable conditions for TAL to increase its investment in Vietnam.
 
The MPI has requested the Foreign Investment Agency to contact TAL and support the project.
 
TAL is among several companies that are investing in Vietnam in view of the benefits that the country would get as it nears the signing of the Trans-Pacific Partnership Agreement (TPP) and a free trade agreement (FTA) with the EU.
 
China’s Texhong Corporation and Sunrise Textile Co., Japan’s Toray International and Mitsui Corporation, and Austria’s Lenzing, have either entered into or have expressed interest to form joint ventures with Vinatex and other companies.
 

Fibre2fashion News Desk - India

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