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The model of factory complex in central Quang Nam Province. The complex will supply materials to cities and provinces nationwide. — Photo baodautu.vn
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HA NOI (Biz Hub) — The Viet Nam National Textile and Garment Group (Vinatex) will commence the construction of a factory complex in the central Quang Nam Province on March 25, reports baodautu.vn.
Spread over 20ha in Que Son District, the VND1.14 trillion (US$53.5 million) project will include a fibre factory that will produce 4,600 tonnes of products per year, a textile and dyeing factory with a 5,000–tonne annual capacity, and Huong An garment factory with 20 knitwear production lines, which will produce 20 to 25 million products per year.
Vinatex will also build a factory that will treat 5,000cu.m of wastewater per day to serve the production needs at the complex.
After it becomes operational, the complex will supply materials to cities and provinces nationwide, including Da Nang, Phu Yen and Ha Tinh. It will also create diversified and high-quality textile and garment products to meet the domestic and export market demands.
The project's first phase is expected to earn nearly VND1.7 trillion in revenue per year, contributing about VND30 billion ($1.4 million) to VND35 billion ($1.64 million) to the local budget, and generating stable jobs for about 2,000 workers with an average income of VND4 million ($187.7) to VND5 million ($234.7) per head per month.
The group plans to spend VND9.4 trillion (US$4.4 billion) on textile and garment, weaving and dyeing and infrastructure projects in the 2015-17 period. About 60 per cent of the capital will be poured into weaving, dyeing and infrastructure projects to lure other businesses.
In 2015, nearly VND2,425 billion ($113.8 million) will be disbursed for the above-mentioned projects.
Vinatex has equitised its operations from January 1 this year. It has set a target for its parent company to earn VND900 billion ($42.25 million) in revenue, and an after-tax profit of VND288.4 billion ($135.39 million) in 2015. — VNS