Vinatex to invest US$240 million to boost production
The Vietnam 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 VNND2.4 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 upgrading projects.
According to Truong, Vietnam’s textile industry exports in 2016 were estimated to touch US$28.3 billion, up 5.7% year-on-year, while Vinatex’s exports reached US$2.5 billion, up 5% 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% growth in industrial production value, an increase of 11% in exports and a rise of 12% in revenue, compared to 2016.