Vinatex expands investments in central region

Tuesday, Nov 05, 2013 16:43

Vinatex wokers produce cloth. The group's investments are expected to total $476.2 million in 2013. — VNS File photo

HA NOI (Biz Hub) ― The Viet Nam National Textile and Garment Group (Vinatex) is accelerating investment in the central region of the country as part of the national strategy for the garment and textile industry until 2020.

In a recent working trip to Nghe An Province, Vinatex general director Tran Quang Nghi said central provinces would be a destination for many large projects due to their advantageous geographical positions, developed traffic systems and abundant human resources.

"The group will invest in Nghe An so that it will become a regional garment and textile centre, which is especially important as Viet Nam prepares to enter new free trade agreements," he said.

Ha Noi Textile Garment Corp (Hanosimex) deputy general director Nguyen Song Hai said Nghe An, Ha Tinh and Thua Thien – Hue provinces would be strategic investment areas for the Vinatex affiliate in the coming years, with local incentives stimulating their investment.

In Nghe An, the corporation poured about VND700 billion (US$33.33 million) into new projects in the last two years and opened two textile mills with a combined annual capacity of 8.7 million products in April.

The firm was finalising procedures to build another VND152 billion ($7.24 million) cotton mill in the province's Nam Dan District in the first quarter of next year. The facility would produce 4,000 tonnes of cloth per year when operational, according to Hai.

Garment 10, another Vinatex member company, said it was in the final phase of an expansion of the Quang Binh-based Ha Quang plant, which produces shirts for export.

Vinatex said it was also completing procedures to build a VND205 billion ($9.76 million) vest factory, Vinatex Bong Son Garment, in Binh Dinh Province's Hoai Nhon District. Vinatex Bong Son Garment Co Ltd had been established and local authorities had agreed to rent land for implementing the project.

Vinatex's 2013 investments are forecast to total nearly VND10 trillion ($476.2 million). In the first half of the year, the group carried out 46 projects with total capital of about VND6.15 trillion ($292.86 million). ― VNS

Comments (0)