Chinese textile firm Sunrise Shengzhou has inked a joint venture agreement with Vietnam-based Thien Nam Investment and Development JSC to facilitate establishment of a joint venture weaving, knitting plant in Bao Minh Industrial Park in northern Nam Dinh Province in North Vietnam.
Establishment of the new facility - Thien Nam Sunrise Textiles JSC, would necessitate an investment of US$ 24 million, Viet Nam News reported.
The plant would have a capacity to produce one million metres of woven fabrics and 300 tons of knitting fabrics per month, it added.
As one of the Vietnam’s leading spinning enterprises, Thien Nam operates four spinning units jointly housing about 150,000 spindles with an annual production capacity of 25,000 tons of yarn.
Retaining only 30 percent of its produce for domestic market, the firm exports the rest of its production to foreign markets like Brazil, South Korea, Turkey, China and Indonesia.