A corner of PVTEX Dinh Vu Yarn Plant (Source: PVN)Hanoi (VNA) - The PVTEX Dinh Vu Yarn Plant of PetroVietnam’s Petrochemical andTextile Fiber Joint-Stock Company (PVTEX) on January 31 put two more yarnproduction lines into operation, lifting the total number of its lines to 12.
According to General Director of PVTEX Dao Van Ngoc, the plant has produced 2,900tonnes of draw textured yarn (DTY), and sold 2,500 tonnes of product sinceApril 20, 2018.
PVTEX signed contracts to sell 1,338 tonnes of DTY to 21customers with a total value of 49.5 billion VND.
Ngoc added that the firm and its partner An Phat Holdings JSC (APH) are maintainingthe remaining DTY production lines, towards lifting the total capacity of theplant to 25 lines in the second quarter of this year.
PVTEX and APH are working together to build a five-year production cooperationplan and negotiating a collaboration contract, which is expected to be inked inthe first quarter of this year.
PVTEX is also building a capital-restructuring plan in 2019 in accordance with theplan approved by the Prime Minister, Ngoc noted.
PVTEX, a subsidiary ofPetroVietnam with a total investment capital of 325 million USD, startedcommercial operations in May 2014 with a capacity of 236 tonnes of fibre perday, reaching 48 percent of the designed capacity.
The plant halted operations in September 2015 owing to a huge loss of 1.26trillion VND (55.3 million USD) and negative equity of 504 billion VND.
It was scheduled to restart in 2016 but failed to do so. Authorities would haveconsidered bankruptcy if the equitisation of the enterprise had beenunsuccessful.
PVTEX and APH signed a memorandum of cooperation on producing and trading DinhVu polyester fibre in April last year.-VNA
VNA
