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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

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