The Viet Nam Textile and Garment Group (Vinatex) will mobilise VND5 trillion (US$242 million) for fibre, textile and garment development to boost this year’s production.

Of the total mobilised capital, Vinatex’s general director Le Tien Truong said, the parent company would finance projects worth around VND2.4 trillion, while the subsidiaries would fund projects for around VND3 trillion.

In 2016, the group invested VND5.5 trillion in 41 projects, including 17 garment projects, nine industrial fibre manufacturing projects, nine textile dyeing projects and six machinery upgradation projects.

According to Truong, Viet Nam’s textile industry exports in 2016 were estimated to touch $28.3 billion, up 5.7 per cent year-on-year, while Vinatex’s exports reached $2.5 billion, up 5 per cent against 2015.

As Vietnamese garment enterprises attempt to penetrate the foreign market, exports to key markets such as the US, EU, Japan and the Republic of Korea are rising, Truong said, adding that in 2017, Vinatex aims 14 per cent growth in industrial production value, an increase of 11 per cent in exports and a rise of 12 per cent in revenue, compared to 2016. — VNS