Currently there is no wool spinning plant in Viet Nam. — File Photo

HA NOI (Biz Hub)— Woolmark, Australia's leading wool company, will help Viet Nam's garment sector produce wool products to increase its profits and competitiveness.

General Manager at Australian Wool Innovation Jimmy Jackson made the commitment at a press briefing in Ha Noi on Saturday, announcing plans to support the Vietnamese garment sector in developing wool production and supply chains in the world market.

Jackson said Viet Nam had a well-established textile manufacturing industry and infrastructure, as well as skilled human resources. The country was also the world's second largest garment exporter to the US and the third to Japan. It was also the top destination for South Korean companies to invest in.

Currently, there was no wool spinning plant in Viet Nam, reducing the competitiveness of its garment products, and Merino fleece wool from Australia was suitable for the industry, he said.

Woolmark was investing A$240,000 (US$227,000) in a Vietnamese project to help local businesses develop wool production and supply chains to international markets, said Jackson.

Under the project, which began in 2012, Woolmark experts have transferred weaving and fleece wool production technology to Viet Nam.—VNS