German Firm to Build US$30 Mln Apparel Accessories in Central Vietnam
Germany’s Groz-Beckert Corp. October 25 received a license to build a US$30 million factory to produce apparel accessories in the central Quang Nam province, Lao Dong newspaper reported.
Groz-Beckert Corp plans to start the construction of the facility in 2008 and put into operation in 2009, the source noted.
The facility will cover 15 square hectares in the province’s Dai An industrial zone and to employ 400 local workers.
Up to 70 per cent of apparel accessories in Vietnam are imported, according to the Ministry of Trade and Industry. Local apparel makers import 95 per cent of cotton, 70 per cent poly fiber and 60 per cent thread cloth.
In the first nine months, the Southeast Asia country imported US$1.55 billion of apparel accessories, excluding US$2.87 billion of cloth, up 6.4 per cent and 33.1 per cent on year, respectively, said the General Statistics Office.
Vietnam has planned to invest US$1.7 billion into the apparel sector from now to 2015, and to meet 50 per cent of its demand for apparel accessories in 2010, the ministry noted. (Labor, GSO, Vnanet)
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