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Petrovietnam, Vinatex sign deal on polyester fibre use
12
Aug '15
Petrovietnam (PVN) and Vietnam National Textile and Garment Group (Vinatex) have signed a cooperation agreement on Dinh Vu polyester fibre consumption of PetroVietnam Petrochemical and Textile Fibre JSC (PVTEX), PVN said on its website.

The agreement is the outcome of cooperation between Petrovietnam and Vinatex after more than one year of commercial operation of Dinh Vu Polyester Plant. So far, its products have been domestically and internationally credible and the quality has improved to the level of imported goods. It is now a stable background for close and comprehensive relation between the two groups in various fields such as polyester provision, export market extension cooperation, staff training and product evaluation as well as other aspects for the mutual benefit and enhancement of trademark value of both sides, PVN said.

At the signing ceremony, Vice Minister of Industry and Trade (MoIT) Tran Quoc Khanh said, “The signing of Dinh Vu polyester fibre consumption agreement is an important event showing the close cooperation between the two big groups. In the development strategy, the Vietnam Oil and Gas Group has indicated the importance of developing the post-refinery stage, manufacturing the essential goods and enhancing the value of textile industry in accordance with the Government's requirement to Petrovietnam. We believe that the quality of PVTEX products and services will bring the business values and advantages for our customers; specifically a stable material supply and maximum time reduction of transportation, storage as well as exchange rate stability.”

The cooperation for polyester consumption and market development is to ensure not only material stabilization, product competitiveness increase and market extension for Vinatex enterprises but also Vietnam garment trademark promotion and increased domestic rate of textile industry to 60 per cent.

Vinatex General Director Le Tien Truong said “The stable qualified product of Dinh Vu Polyester Plant is good news for textile enterprises. We can sign a consumption agreement on equal and straight basis. Vinatex enterprises wish to be given priority in buying PVTEX products with over 50 per cent total demand of each enterprise.”

The cooperative agreement between Petrovietnam and Vinatex has affirmed the right policy of Dinh Vu Polyester Construction Project in the light of the impending approval of the Trans-Pacific Strategic Economic Partnership Agreement (TPP) and its implementation. The use of domestic products will bring big advantage for Vietnam garment enterprises in general and Vinatex in particular in terms of price, shipment time (from 2 weeks to 2 days), especially the product's origin (from polyester stage) as stipulated by TPP, PVN said. (SH)

Fibre2Fashion News Desk – India

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