U.S.-Vietnam JV Opens US$80-Mln Textile Complex

ITG-Phong Phu Co., Ltd. has commissioned a textile and garment industrial complex with total investment of US$80 million in central Danang city.

 

In the joint venture, the U.S.’s ITG holds a 60 per cent stake and Vietnam’s Phong Phu Corp. the remainder of 40 per cent.

 

Ken.Kunberger, chairman of Burlington Worldwide Apparel, also general director of ITG-Phong Phu Co. Ltd., said ITG-Phong Phu is an advanced complex which will supply global clients with all-in solutions, from material to finished textile and garment products with a focus on luxury cotton items.

 

In the first phase, the ITG-Phong Phu complex, located in Hoa Khanh Industrial Park, is capable of producing 30 million meters of cloth and 8 million garment products per year with 90 per cent of which to be exported.

The complex has created 2,000 jobs for local residents. (Investment)