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Vinatex signs deal with Japanese firm for textile project
14
Apr '15
VTJ JSC, a member of Vietnam National Textile and Garment Group (Vinatex), signed an agreement earlier this month with TOMS Co. Ltd of Japan to produce T-shirts at Dien Sanh industrial zone, according to the Vietnamese media.
 
The two sides will set up a joint project to develop integrated processes, from knitting, dyeing and sewing to knitting.
 
The cooperation shows the readiness of Vinatex to welcome opportunities offered by free trade agreements, which are expected to be signed in the near future, media reports said.
 
The project has a total investment of $12 million and aims to construct and manage three factories. The first factory for weaving and dyeing will have a capacity of 2,500 tonnes of knitting products per year. The second for sewing will have a capacity of 10 million pieces per year, and the wastewater treatment plant may treat some 1,200 cubic metres of waste water per day.
 
The construction of the factories is expected to be completed and ready for operation this year. 
 
Vinatex’s general director, Le Tien Truong, said, “The resources of foreign investors, from capital and technology to markets, along with the resources of local enterprises will help the project to run and do business effectively.”
 
TOMS Co., established in 1981 and headquartered in Tokyo, is the leading firm in Japan producing T-shirts, polo shirts, sweatshirts and uniforms generating revenue of $200 million per year.
 
Japan is the third-largest importer of Vietnamese goods, with an expected turnover of some $3 billion this year. The joint venture will give Vietnam the opportunity to boost its textile export turnover to Japan. (SH)
 

Fibre2fashion News Desk - India

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