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Financial crisis in Vietnam fails to deter Nianxing Clothes Group
20 Jun '08
1 min read
Taiwan Nianxing Clothes Group, one of the biggest clothes manufacturing enterprise in Taiwan has decided to set up a total of 6 garment producing factories in Vietnam despite the fact that financial crisis in the country has gripped the entire industrial chain there.
The company would close all its clothes factories in Nicaragua within a year, except for a dyeing and printing unit.
The company believes that since their existing production base in Vietnam was located in backland area, impacts of financial crisis is unlikely to touch their business operations. Moreover, since the cost of labor in Vietnam is three times lower in comparison to Nicaragua, the company is estimated to earn a additional profit of 1 billion Taiwanese dollars.
Nianxing Clothes Group generates a larger part of its profit from jeans although it does produce a number of other leisure clothes as well.
The first manufacturing unit of the company in Vietnam has already commenced production with a monthly output of about 40,000 dozens per month and the second one will soon follow suit by November this year.
The company would close all its clothes factories in Nicaragua within a year, except for a dyeing and printing unit.
The company believes that since their existing production base in Vietnam was located in backland area, impacts of financial crisis is unlikely to touch their business operations. Moreover, since the cost of labor in Vietnam is three times lower in comparison to Nicaragua, the company is estimated to earn a additional profit of 1 billion Taiwanese dollars.
Nianxing Clothes Group generates a larger part of its profit from jeans although it does produce a number of other leisure clothes as well.
The first manufacturing unit of the company in Vietnam has already commenced production with a monthly output of about 40,000 dozens per month and the second one will soon follow suit by November this year.
Fibre2fashion News Desk - China
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