ITG Phong Phu, a major cotton textile and clothing manufacturing company based in Ho Chi Minh City, has recently decided to source technologies and equipments from Europe, which are to be used for producing high–quality items meant for the US market.
For the past few decades the textile and apparel industry of Vietnam imported most technologies and equipments from Japan, but the latest trend seen among the companies is using Western Europe technologies because of high–quality products requirement.
However, depreciating value of US dollar in current months has been affecting the investment decision of local manufacturers, even for large companies like ITG Phong Phu, are confronting with various difficulties due to strong devaluation of the US dollar against Euro.
According to Mr Tran Gia Huyen, the representative of Belgium–based Picanol Group, manufacturer of air jet weaving machines, the company is keen to provide equipments for ITG Phong Phu's project. However, with the current exchange rates for US dollar and EURO, there is little chance for Picanol, as Vietnamese enterprises make payments in Dollars which might not be suitable for the company.
At the current exchange rate, European textile machines are priced too high in comparison with the Made–in–Japan ones and these quality wise are no lesser.
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