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Japan’s Itochu Group keen on fibre factory in Nam Dinh
Japan-based Itochu Group has decided to invest in a large-scale fibre factory covering 20 hectares of Bao Minh Industrial Park in the northern province of Nam Dinh, with a total investment of $120 million.
This information was announced by the Vietnam National Garment and Textile Group (Vinatex) on May 10.
The factory aims to produce high class fibres used for high value added products.
Vinatex, Itochu and their partners are finalizing procedures to break ground on the project in the middle of this year. The factory is expected to be complete mid next year and will create 3,000 jobs, contributing to a strategy to restructure the local economy, and raising the production capacity of the Vietnamese garment and textile industry.
Established in 1858, Itochu’s trade activities mainly focus on mechanical manufacturing, textile industry, chemicals, oil & gas, energy, food, insurance, finance, construction and property.
The group now has seven member companies and its net profit in 2008 reached $3.344 billion.
Itochu is one of the biggest economic groups in Japan with more than 4,200 staff and a total chartered capital of $2 billion, and is active in 139 nations including Vietnam.
Itochu’s investment in Vietnam will help the country expand markets and increase production capacity and export earnings.
The garment and textile industry is one of the country’s key economic sectors, helping generate employment for workers and ensure social welfare.
Its export turnover in 2001 hit nearly $6 billion and the sector targets $25 billion by 2015.
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