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Japan's Itochu to build textile fibre plant in Vietnam
May '12
Itochu Corporation, a leading Japanese conglomerate, will collaborate with the Vietnam National Textile and Garment Group (Vinatex) to construct a textile fibre plant in Vietnam's northern province of Nam Dinh.

The construction for setting up the modern plant at Bao Minh Industrial Park in Nam Dinh province would commence soon and the unit is likely to become operational next year.

The plant being set up with a total investment of US$ 120 million would create around 3,000 new employment opportunities, Vinatex said.

Itochu Corporation has more than a 150-year history and the company currently has interests in seven fields including the textile industry, chemicals and oil and gas sectors. It currently has presence in 139 countries, including Vietnam.

Textile and garment sector is one of the key industries in Vietnam, employing several people and contributing immensely to the country's social welfare. It is also an important foreign exchange earning sector for the country.

The new textile fibre plant would boost Vietnam's textile sector production capacity as well as its exports.

Fibre2fashion News Desk - India

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