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Vinatex in JV with Teachang to build textile units

24
Feb '07
Korean firm Teachang has signed deals with Vietnamese companies along with Vietnam National Textile and Garment Group (Vinatex) to set up a denim factory and a dyeing unit in the country. Both projects will require a combined investment of nearly US $65 million.

Vinatex, Teachang Corporation and Thien Nam Company Limited will enter into joint venture to construct a $40 million denim facility, according to Vinatex Deputy Head Le Trung Hai.

This facility is to open next year and will manufacture 30 million meters of denim per annum. Teachang will contribute 60 percent of the investment.

Teachang will also tie up with Vinatex and Yen My Joint-Stock Company to construct a $25 million dyeing plant in Hung Yen province.


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