US Billionaire Teams up with Vietnamese Textile Firm

US Billionaire Teams up with Vietnamese Textile Firm

Ross’ company, International Textile Group (ITG), has plans for several major initiatives in Vietnam and will work with the state-owned Vietnam National Textile Garment Corporation (Vinatex), Mr. Ross said in a statement.

"We anticipate our discussions with Vinatex to be quite broad in scope and range from commercial and technical agreements encompassing global sales and services to more specific issues such as managing selected manufacturing plants in Vietnam," he said.

"We will also consider opportunities to invest in new and existing Vinatex facilities."

Based in Vietnam’s capital city Hanoi, Vinatex has assets totaling US$757 million. Its 57-member enterprises have annual exports of more than US$1 billion.

ITG operates five business units: Cone Denim, Burlington WorldWide, Interior Fabrics, Carlisle Finishing and Nano-Tex. The company’s annual sales reach US$900 million. ITG employs about 5,000 people in North Carolina and 7,000 worldwide.

Mr. Ross is among the 400 richest people in the US, according to a Forbes magazine survey.

According to the Ministry of Trade, Vietnam is likely to earn US$700 million from exporting textiles and garments to the US in the first half of this year, a 20 per cent decline over the same period last year.

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