Home / Knowledge / News / Textiles / Petrovietnam, Vinatex sign deal on polyester fibre use
Petrovietnam, Vinatex sign deal on polyester fibre use
12
Aug '15
Petrovietnam (PVN) and Vietnam National Textile and Garment Group (Vinatex) have signed a cooperation agreement on Dinh Vu polyester fibre consumption of PetroVietnam Petrochemical and Textile Fibre JSC (PVTEX), PVN said on its website.

The agreement is the outcome of cooperation between Petrovietnam and Vinatex after more than one year of commercial operation of Dinh Vu Polyester Plant. So far, its products have been domestically and internationally credible and the quality has improved to the level of imported goods. It is now a stable background for close and comprehensive relation between the two groups in various fields such as polyester provision, export market extension cooperation, staff training and product evaluation as well as other aspects for the mutual benefit and enhancement of trademark value of both sides, PVN said.

At the signing ceremony, Vice Minister of Industry and Trade (MoIT) Tran Quoc Khanh said, “The signing of Dinh Vu polyester fibre consumption agreement is an important event showing the close cooperation between the two big groups. In the development strategy, the Vietnam Oil and Gas Group has indicated the importance of developing the post-refinery stage, manufacturing the essential goods and enhancing the value of textile industry in accordance with the Government's requirement to Petrovietnam. We believe that the quality of PVTEX products and services will bring the business values and advantages for our customers; specifically a stable material supply and maximum time reduction of transportation, storage as well as exchange rate stability.”

The cooperation for polyester consumption and market development is to ensure not only material stabilization, product competitiveness increase and market extension for Vinatex enterprises but also Vietnam garment trademark promotion and increased domestic rate of textile industry to 60 per cent.

Vinatex General Director Le Tien Truong said “The stable qualified product of Dinh Vu Polyester Plant is good news for textile enterprises. We can sign a consumption agreement on equal and straight basis. Vinatex enterprises wish to be given priority in buying PVTEX products with over 50 per cent total demand of each enterprise.”

The cooperative agreement between Petrovietnam and Vinatex has affirmed the right policy of Dinh Vu Polyester Construction Project in the light of the impending approval of the Trans-Pacific Strategic Economic Partnership Agreement (TPP) and its implementation. The use of domestic products will bring big advantage for Vietnam garment enterprises in general and Vinatex in particular in terms of price, shipment time (from 2 weeks to 2 days), especially the product's origin (from polyester stage) as stipulated by TPP, PVN said. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Trinity Kubassek from Pexels

Textiles | On 19th Aug 2018

Australian wool production to fall 5.7% in 2018-19

Shorn wool production in Australia is likely to fall by 5.7 per cent...

Courtesy: Next Level Apparel

Apparel/Garments | On 19th Aug 2018

Blue Point Capital recapitalises Next Level Apparel

Blue Point Capital Partners has recapitalised Next Level Apparel, a...

Retailers approaching 100% inventory accuracy: Study

Apparel/Garments | On 19th Aug 2018

Retailers approaching 100% inventory accuracy: Study

With computer vision use cases maturing, Artificial Intelligence (AI) ...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Sachin Sharma
Gem Enviro Management Pvt Ltd

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

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Mr Ambrose Chan
DSG International (Thailand) PLC

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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


August 2018

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

news category


Related Categories:

Advanced Search