S. Korean Firm to Join in US$40Mln Cloth Project in Vietnam

South Korea-based Teachang Corporation and Thien Nam Company have inked a contract in which the latter will contribute 60 per cent of the total capital of US$40 million for building a denim cloth factory in Vietnam, said Vietnam Textile and Garment Corporation (Vinatex).

 

The factory, with an annual output capacity of roughly 30 million meters, is expected to be operational by 2008, the Vinatex said.

 

In addition, the Teachang Corporation also signed a VND400 billion ($24.8 million) business contract with Yen My Joint Stock Company, which is part of the dyeing project in the Pho Noi B Textile and Garment Industrial Zone of northern Hung Yen province.

 

Yen My Joint Stock Company is now one of Vietnam’s dyeing enterprises with modern production technology and capacity of 24 million meters of cloth per year. (VNA)