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Vinatex aims to boost local fibre content
The Viet Nam National Textile and Garment Group (Vinatex) plans to invest US$2.1 billion over the next 10 years to set up facilities to make polyester yarn and other raw materials and increase local content in its products.
The country's biggest garment firm – it employs more than 2 million – will set them up in eight Central Highlands and northern mountain provinces to add value and boost exports.
They include 31 fibre plants, 21 fabric plants, and 164 garment units.
By 2020 the company hopes to make more than 65 per cent of its raw materials.
Le Tien Truong, its deputy general director, told Tuoi Tre newspaper that next year, when the Dinh Vu Polyester Factory in Hai Phong – Viet Nam's first – reaches full capacity, the current polyester import of $450 million would stop.
By 2020 the group targeted production of 300,000 tonnes of fibre, 675 million square metres of fabric, and 706 million pieces of garments a year, and exports of more than $5 billion, he said.
The group needed VND1.3 – 1.5 trillion (US$62 – 71 million) a year for the expansion programme, improving human resources, and others, he said.
The huge investment would enable it to grow production by 12-14 per cent a year and export by 15 per cent.
In the first half of this year Vinatex earned revenues of more than VND19.37 trillion ($940.3 million), a year-on-year increase of 33 per cent. In the second half it targets VND17.5 trillion ($849.5 million) in revenue and $1.2 billion in export value.
The Viet Nam Textile and Apparel Association, the industry grouping, said the country's total apparel exports were worth $6.16 billion in the first half. It expects full year exports to top $13.5 billion, up by almost half since 2009 when they were worth $9.2 billion.
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