Home / Knowledge / News / Textiles / Vinatex, Petrovietnam discuss fibre production and supply
Vinatex, Petrovietnam discuss fibre production and supply
22
Jul '14
Mr. Van Hau (3rd from Left) congratulating Mr.Tien Truong
Mr. Van Hau (3rd from Left) congratulating Mr.Tien Truong
Do Van Hau, General Manager of Vietnam Oil and Gas Group (Petrovietnam) visited the office of the Vietnam Textile and Garment Group (Vinatex) and met Le Tien Truong, who was promoted as Director General of Vinatex earlier this month.
 
After congratulating Mr. Tien Truong for becoming the new Director General of Vinatex, the Petrovietnam representatives had a meeting with Vinatex officials wherein both sides discussed business situation in the first six months of 2014.
 
The representatives of two large state-owned corporations also discussed interconnected solutions to promote mass consumption of products, particularly cooperation in the production of fibres, and the supply of polyester fibres to the textile industry in order to reduce dependence on imports.
 
Vinatex intends to gradually increase localization ratio in its textile exports, i.e. increase the quantity of domestic raw materials in textile end-products meant for exports, as it would bring in more profits and foreign currency for the country.
 
In recent months, Vinatex has invested in raw material production for its garment sector, in light of the expected trans-pacific partnership (TPP) and other agreements, which follow yarn-forward principle for eligibility of garments to avail duty-free facility.
 
Vietnam may sign a free trade agreement (FTA) with the European Union this year, which would provide many advantages for Vietnam’s export products, especially textiles. There is also a possibility of Vietnam signing a FTA with the Customs Union of Russia, Belarus and Kazakhstan.
 
In 2013, Vinatex’s export turnover reached $2.9 billion, and the company is striving to achieve export turnover of $5 billion by 2020.
 
On the domestic front too, Vinatex has made inroads in the apparel market over the past five years. The domestic revenue of Vinatex Group was 15.74 billion dong in 2010, which increased by 18 percent to 18.518 billion dong in 2011, followed by an increase of 6.4 percent to 19.7 billion dong in 2012, and by 6 percent to 20.8 billion dong in 2013.
 
From January to June 2014, Vinatex’s inland revenue is estimated at 11.086 billion dong, which is an increase of 10 percent year-on-year.
 

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 29th May 2017

Christopher & Banks Corporation Q1 2017 sales down 11.5%

The net sales of Christopher & Banks Corporation for the first...

Apparel/Garments | On 28th May 2017

Over 45% US retailers to use AI in next 3 years: Report

Over 45 per cent retailers in the US plan to utilise artificial...

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search