Home / Knowledge / News / Textiles / Japanese firm Itochu acquires 15% stake in Vinatex
Japanese firm Itochu acquires 15% stake in Vinatex
10
Apr '18
Courtesy: David Bartus from Pexels
Courtesy: David Bartus from Pexels
Due to rising labour costs in China, Japanese trading house Itochu has increased its stakes in Vietnam National Textile and Garment Group (Vinatex) to nearly 15 per cent by investing $46.9 million with an aim to turn the country into a textile export hub for Europe. Itochu is now the second-largest stakeholder in Vinatex after the Vietnamese government.

The company had acquired a nearly 5 per cent stake in 2015. It is rare for a foreign company to own more than 10 per cent of a state enterprise in Vietnam, according to a report from a Japanese news organisation.

Vinatex, which operates about 200 sewing factories in the country, invested nearly $200 million over the past three years to add facilities for thread and cloth production.

Itochu collaborates with Vinatex on suits, shirts and functional undergarments for cold weather among other products. It plans to boost production of high-performance apparel in Vietnam and export the output to Japan, Europe and the United States.

Itochu exports a little over 60 billion yen worth of apparel from Vietnam a year, with half of that produced by Vinatex. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Sachin Sharma, Gem Enviro Management Pvt Ltd

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search