In order to establish a synthetic fibre company, Vietnam National Textile and Apparel group (VINATEX) has joined hands with few of the local textile and chemical companies.
The shareholders of the company include Vietnam National Oil and Gas Group – Petrovietnam, Vinatex, Phong Phu textile, PVIC and Vinatex Materials (Vinatexmat). The company has investment capital of VND 160 billion or US $10 million for this project.
The Vtex Dinh Vu, to be set up in Hanoi, will produce and trade synthetic fibre, especially polyester fibre for local textile and apparel production.
At the moment Vinatex's priority is to invest into a polyester fibre plant, so that local manufacturers can be self sufficient, instead of solely relying on imports.
Fibre2fashion News Desk - Vietnam
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