Japanese garment firm strives for new plant in VN

Monday, Jul 22, 2019 08:54

Workers at Matsuoka's factory in the northern province of Phu Tho. — Photo baodautu.vn

Matsuoka Corp, an apparel maker from Japan, will build a new plant in the central province of Nghe An, after one each in Viet Nam's three provinces of Phu Tho, Bac Giang and Binh Duong.

Matsuoka would establish a wholly-owned subsidiary, Annam Matsuoka Garment Co, possibly in August to build and operate its new plant in the province.

The launch of the plant is part of Matsuoka's medium-term business strategy to minimising its reliance on China, according to the Vietnam News Agency correspondent in Tokyo.

China accounted for about 60 per cent, Bangladesh 25 per cent and Viet Nam 10 per cent of the company's overseas sales in the fiscal year through March this year, Vietnam News Agency cited Matsuoka spokesman Michihiro Fukagawa as saying.

By shifting its focus to Viet Nam, the Japanese firm plans to reduce its dependence on China to around 50 per cent by March 2021, Fukagawa said.

The company was founded in April 1946 and is headquartered in Fukuyama, Japan. It produces dresses, casual and sports apparels, sewing garments, and other products for customers in Japan.

Viet Nam exported US$900 million worth of garments to Japan in the past three months of 2019, according to the General Department of Vietnam Customs.

In 2018, Viet Nam's goods export value to Japan reached more than $18.8 billion. Textiles and garments accounted for the largest proportion with over 20 per cent of the country's total export value to Japan. VNS

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