Vietnam-S.Korea JV Start Building US$40 Mln Cloth Plant
A Vietnam-South Korean join venture October 14 started construction of a denim cloth factory worth US$40 million in the northern Nam Dinh province, 140 kilometers southeast of Hanoi, Vietnam News Agency reported Monday.
The join venture between Vinatex, Thien Nam Investment and Development join stock company and South Korea’s Teachang Corp. (TCE) is expected to start operating the factory by 2008, to employ 600 and produce 30 million square meters of denim cloth a year.
Vietnam apparel makers were estimated to import US$2.879 billion worth cloth for the first nine months, up 33.1 per cent on year, excluding US$534 million of thread, up 32.7 per cent on year, said the General Statistics Office.
The sector sets target to expand its production output by 18 per cent in the 2006-2010 period. (VNA)
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