Home / Knowledge / News / Textiles / Japan's Itochu acquires 5% stake in Vinatex
Japan's Itochu acquires 5% stake in Vinatex
06
Nov '14
Itochu Corporation, Japan’s leading multi-sector trading house, has acquired 5 percent shares of Vietnam Textile and Garment Group (Vinatex) worth US$ 9.25 yen, through public trading channels, making it the first financial institution to invest in a big state-owned enterprise (SOE) of Vietnam, Nikkei Asian Review reported.

Itochu Corporation plans to procure fiber and other materials locally, as well as from Thailand and other neighboring countries. It will then process these materials at Vinatex facilities and export the finished product to the rest of the world.

Itochu Corporation currently trades with about 100 Vietnamese textile companies. It deals in everything from the procurement of raw materials to sewing, and supplies suits, shirts and other products to companies in Japan, the US, and Europe. It is the largest Japanese player in the Vietnam’s textile industry.

Vinatex raised around VND1.22 trillion or US$ 58.10 million through an initial public offering (IPO) in September, 2014.

Vietnam is currently negotiating several trade pacts, including the 12-nation Trans-Pacific Partnership (TPP), which would see it replace China as the biggest garment supplier to the United States market. The Vietnamese textile industry is extremely dependent on the Chinese economy, and 50-70% of materials used in the textile industry are imported from China.

Itochu Corporation has a thriving textile division, with subsidiaries in China, Hong Kong, Europe and the US. It has operations across the whole value chain from fibre to apparels across various product categories and is also a market leader in its home markets. (GK)

Fibre2fashion News Desk - India


Must ReadView All

Moments of EPA signing in Tokyo. Courtesy: Twitter handle of Jean-Claude Juncker

Textiles | On 18th Jul 2018

EU and Japan sign Economic Partnership Agreement

European Union and Japan have signed an Economic Partnership...

Courtesy: Tego

Apparel/Garments | On 18th Jul 2018

Tego plans to expand product range in 2018-19

Tego, a company that creates premium athletic gear for modern...

Courtesy: rawpixel.com from Pexels

Textiles | On 18th Jul 2018

Hike in import duty on textile-apparel by India beneficial

The Indian Government’s decision to raise import duty on textile and...

Interviews View All

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sanjukta Dutta
Sanjukta's Studio

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

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

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

Leave your Comments


July 2018

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

news category


Related Categories:

Advanced Search