Vinatex Calls for US$388.4Mln in 11 Big Projects

The Vietnam Garment and Textile Group (Vinatex) is calling for US$388.4 million of investment capital in 11 large projects, in a bid to raise production capacity and competitiveness.

 

Vinatex executive director Dang Phuong Dung said pressure from the integration process was heating up and greater efforts needed to be made to meet the group’s goals of US$10 billion total export value by 2010, and from US$20-22 billion by 2020.

 

Three of the initiatives are located in Nhon Trach Industrial Park in southern Dong Nai province. A polyester fiber manufacturing facility capable of churning out 300 tons daily will be built at a cost of $118 million, a $47 million cloth dying and printing plant, and a $7 million plant for producing technical cloth with annual capacity of 3,000 tons will also take shape.

 

Pho Noi B Industrial Park in northern Hung Yen province is set to house two projects, including a plant producing polyester with daily capacity of 120 tons ($56.5 million), and a high-class compact fiber plant ($35 million).

 

South central Vietnam is set to provide the location for a project growing cotton on 1,000 hectares of land with estimated total investment capital of $3.5 million.

 

Le Quoc An, president of Vinatex’s board of directors and president of Vietnam Textile Association (Vitas), said “Foreign investors are more than welcome to work with Vinatex to invest in these projects.”

 

Market observers believe moves to produce their own fiber will allow the company to slash costs and free itself from world market price fluctuations. Vinatex has had to import 90 per cent of its total fiber needs and 100 per cent of dyeing materials.