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Vinatex to invest 4.8bn dong in Quang Binh province
22
Apr '14
The Vietnam National Textile and Garment Group (Vinatex) will invest 4.8 billion dong (US$ 228.5 million) in textile and garment projects in the country’s central province of Quang Binh, Vinatex said on its website.
 
The Quang Binh province has granted licenses for three Vinatex projects—a fibre plant and a garment factory in Quang Phuc Ward, Ba Don town, and a garment factory in Gia Ninh, Quang Ninh district, the website said.
 
In addition to these three projects, Vinatex has also signed a memorandum of cooperation with the Quang Binh Province for four other projects. They are: research and development of cotton and eucalyptus materials for the group’s spinning mills, investment research for the construction of a fibre plant in Quang Ninh district, investment research for a fibre weaving and dyeing complex in Bac Quan Hau Industrial Park, and an investment survey related to garment factories for export in the Le Thuy and Quang Trach districts.
 
The Quang Binh provincial government has committed to extend preferential policies to Vinatex for its projects, whereas the Bank for Investment and Development of Vietnam (BIDV) has signed a principle agreement to arrange capital for the said projects.
 
Quang Binh province is an attractive destination for textile and garment projects as it has upgraded infrastructure, skilled workforce and attractive investment incentives. In addition, the province already has the presence of several firms, including the Ha Quang Garment Enterprise, owned by Garment 10 Corporation (Garco 10).
 
The province also has an additional advantage of being located in proximity of the Dong Hoi airport, the Hon La port, a road linking to National Highway 1A, as well as border gates to Laos and Thailand.
 

Fibre2fashion News Desk - India

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