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Home / Knowledge / News / Textiles / Vinatex bags deal worth $100mn

Vinatex bags deal worth $100mn

04
Jul '05
The Viet Nam Textile and Garment Corporation's (Vinatex) and its affiliates have bagged deals worth over US$100 million, including a $50million project from the American textile giant, the International Textile Group Inc, during Prime Minister Phan Van Khai recent visit to the US.

"This is good news for the garment industry. We met the officials of the ITG group, one of the five leading textile companies, in the US, and they have agreed to set up a textile factory under the joint-venture model," the chairman of the Vinatex' management board Le Quoc An said on Thursday.

Other than the ITG factory, expected to come up in a northern province, Vinatex affiliates such as Viet Tien, Nha Be, Garm 10, and Phuong Dong have inked deals totalling $50 million, according to Vinatex.

Vietnamese garment products have been gaining a firm foothold in the US market thanks to the trust in importers and retailers in addition to satisfying US customers, An said.

To promote exports to America, the industry hopes to lure more US cotton and textile investors to Viet Nam. America is the biggest cotton producer in the world with an annual output of 5 million tonnes, he said.

Industrial analysts from the Viet Nam Textile and Apparel Association said the agreement played a significant role in further attracting FDI (foreign direct investment) to Viet Nam as the country needs over $2.7 billion from now to 2010 to develop the industry.

ITG's announcement, last Friday, will be followed shortly by discussions with Vinatex to explore a full range of mutual business interests.


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