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Vinatex inks strategic agreement with Marubeni
May '11
Recently, on May 10, Vietnam National Textile and Garment Group (Vinatex) inked a Memorandum of Understanding (MoU) on strategic cooperation with Japan's Marubeni Corporation, thus leading the way to strengthen the trade ties between the two nations.

Le Tien Truong, Deputy General Director of Vinatex and Kasuhita Yabe, Head of Garment Department of Marubeni Corporation inked the deal on behalf of their respective organizations.

As stated by Truong, the deal would help Vinatex to deeply penetrate in the Japanese market and necessitate investment cooperation, training and technology transfer for sustainable growth of garment industries of both the countries as well as its partner associations.

Marubeni being a big multifunctional group, would swiftly develop partnerships with member companies of Vinatex and their subsidiaries, to do garment business in Japan, Truong said.

According to the Vinatex figures, with an annual average growth rate of 12 percent, Japan is the third largest importer of garments from Vietnam.

Following the Vietnam-Japan Economic Partnership Agreement which became effective from October 1, 2009, duty on Vietnam's garment exports to Japan has been slashed to zero percent, which has generated a positive trade climate for Vietnamese garment exporters.

Fibre2fashion News Desk - India

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