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Vinatex to invest $240 million to boost production

Update: January, 10/2017 - 15:00
Workers at the Garment 10 Company under Vinatex pack shirts for export. Vinatex will mobilise VNĐ5 trillion (US$242 million) for fibre, textile and garment development to boost production this year. — VNA/VNS Photo Trần Việt
Viet Nam News

HÀ NỘI — The Việt Nam Textile and Garment Group (Vinatex) will mobilise VNĐ5 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 Lê Tiến Trường said, the parent company would finance projects worth around VNĐ2.4 trillion, while the subsidiaries would fund projects for around VNĐ3 trillion.

In 2016, the group invested VNĐ5.5 trillion in 41 projects, including 17 garment projects, nine industrial fibre manufacturing projects, nine textile dyeing projects and six machinery upgradation projects.

According to Trường, Việt 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, Trường 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

 

 

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