Toray Industries, Inc, a large Japanese textile and garment group, hopes to invest in a fiber plant in northern Nam Dinh Province.

Mitsuo Ohya, Senior Vice President, Toray Industries, Inc spoke to Minister of Industry and Trade Tran Tuan Anh at their meeting in Ha Noi on January 14.

The plant is expected to have investment capital of about 20 billion JPY (US$184.4 million).

This would be the first fiber plant using the most advanced techniques under Toray’s long-term investment roadmap in Viet Nam, he said.

During the meeting, Minister Tran Tuan Anh said Mitsuo Ohya’s visit was important, considering the good results achieved by the strategic cooperation between Viet Nam and Japan.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also came into effect, meaning many opportunities for Viet Nam’s textile and garment industry, including foreign enterprises operating in the textile industry in Viet Nam.

In addition, the Minister also mentioned Viet Nam’s targets to build industrial parks for textile and garment factories in the future. That would promote the development of the domestic textile and garment industry and environmental protection.

Textile and garment plants built in Viet Nam, including the Toray Group’s yarn factory, will contribute to the textile and garment industry’s development by improving capacity of raw materials for the industry in accordance with the rules of origin in the CPTPP and other free trade agreements, according to the Minister.

The Ministry of Industry and Trade will accompany foreign companies as well as the Japanese business community, including Toray, to turn Viet Nam into an attractive investment destination for foreign businesses. — VNS