Representatives of Viet Tien Garment Joint Stock Corporation, Luenthai and Newtech sign an agreement on the Viet Thai Tech Fabric Factory in HCM City last week. — Photo vinatex.com.vn
The Viet Tien Garment Joint Stock Corporation (VGG) has signed up with Luenthai and Newtech to establish the Viet Thai Tech fabric factory, which is expected to supply fabric for the garment and textile industry.
Chairman of the Viet Nam Textile and Apparel Association Vu Duc Giang said this project aims at proactively sourcing raw materials, shortening production and delivery time, as well as meeting strict quality requirements from customers in the garment industry.
The project has a total investment of US$20 million, of which the first phase of the project is $12 million and the second is $8 million. It’s expected to be inaugurated and go into operation on June 30 this year.
Giang, who is also Chairman of VGG, said the factory will contribute to solving the shortage of fabric resources which is now a big obstacle for the garment and textile industry of Viet Nam.
Giang suggested that Viet Thai Tech should quickly set a target of factory deployment, investment in equipment and technology, so it can supply fabric for VGG and export markets by September this year.
The factory will be built according to US green standards and will be the first green standard fabric factory in Viet Nam. It’s expected to meet the fast-changing requirements of the global fashion industry. — VNS