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VINATEX aims to develop raw materials manufacturing plants
04
Feb '08
Vietnam National Textile and Apparel Group (VINATX) recently reported that it is financing a number of projects for the development of its local textile and garment products with special focus on polyester fibre and cotton planting areas.

According to Vu Duc Giang, General Director of VINATEX, such projects will satisfy large demands of raw materials, now, that the country presently relies heavily on imported sources.

This will also help to increase added–value in textile and garment products manufactured by the Group and Vietnam as well, according to a member official of VINATEX.

In regards to the fibre, VINATEX, at present is cooperating with Vietnam Gas and Petroleum Group – PetroVietnam to carry out several synthetic fibre plants, including a US $187.5 million PE fibre plant at Dung Quat Oil Refinery complex and a $125 million polyester plant at Dinh Vu industrial zone in Hai Phong city.

Besides, the Group is inviting foreign investors to build fibre manufacturing facilities in both Dong Nai and Binh Duong Provinces. It is expected that these projects would help the Group to supply around 15-20 percent of total polyester fibre required in industry by 2009 and up to 50 percent by the year 2012.

Further, VINATEX has been setting up cotton plantation areas in Central Provinces like Ninh Thuan, Binh Thuan, Quang Ngai and Dong Nai with a target to build up 45,000-50,000ha cotton planting area by 2010.

In 2007, the textile and garment industry of Vietnam earned US $7.8 billion through exports, representing a year–on–year growth of 32 percent. This particular sector, although being the largest foreign currency earner of the country, imported raw material worth $5.3 billion, for local textile and apparel production.

VINATEX is making all the efforts to reduce country's expenditure of importing raw materials for the manufacture of its finished goods.

Fibre2fashion News Desk - Vietnam

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