Vinatex to invest 240 million USD to boost production

Illustrative image (Photo: VNA)

Hanoi (VNA) - The Vietnam Textile and Garment Group (Vinatex) willmobilise 5 trillion VND (242 million USD) for fibre, textile and garmentdevelopment to boost this year’s production.

Of thetotal mobilised capital, Vinatex’s general director Le Tien Truong said, theparent company would finance projects worth around 2.4 trillion VND, while thesubsidiaries would fund projects for around 3 trillion VND.

In 2016,the group invested 5.5 trillion VND in 41 projects, including 17 garmentprojects, nine industrial fibre manufacturing projects, nine textile dyeingprojects and six machinery upgrading projects.

Accordingto Truong, Vietnam’s textile industry exports in 2016 were estimated to touch 28.3billion USD, up 5.7 percent year-on-year, while Vinatex’s exports reached 2.5billion USD, up 5 percent against 2015.

AsVietnamese garment enterprises attempt to penetrate the foreign market, exportsto key markets such as the US, EU, Japan and the Republic of Korea are rising,Truong said, adding that in 2017, Vinatex aims 14 percent growth in industrialproduction value, an increase of 11 percent in exports and a rise of 12 percentin revenue, compared to 2016.-VNA

VNA