Representatives of An Phat Holdings JSC, An Son Textile Fiber JSC and Petrovietnam Petrochemical and Textile Fiber JSC sign a contract to supply AnPoly yarn to Hop Long Company Limited (Photo: VNA)

 

Hanoi (VNA) - An Phat Holdings JSC (APH), An Son Textile Fiber JSC and PetroVietnam’s Petrochemical and Textile Fiber Joint-Stock Company (PVTEX) officially introduced the new AnPoly yarn at Dinh Vu polyester fibre plant on November 16, paving the way to re-opening the whole plant in 2019.

AnPoly, a draw textured yarn, is the first achievement of cooperation in the process of re-opening the plant. The plant, located in the northern Hai Phong port city was one of 12 loss-making projects under the Ministry of Industry and Trade.

It is expected the plant will reach a capacity of 400 tonnes of AnPoly yarn per month to service the local garment market and export to Japan, the Republic of Korea and Pakistan.

During the ceremony, APH and An Son signed a contract to supply the yarn to Hop Long Company Limited.

The launch marked a new development period for the plant since its cooperation with An Phat Holdings JSC and An Son Textile Fiber JSC. Experts from Singapore and India as well as An Son’s team worked at the plant to provide financial support, production planning, machine maintenance and workforce training.

The parties plan to increase the number of manufacturing lines to 10 and bring capacity to 700-750 tonnes per month by the end of this quarter.

Furthermore, the operators plan to re-open the remaining workshops and start manufacturing polyester staple fibre (PSF) on total 29 production lines with a capacity of 1,800 tonnes per month in the first quarter of 2019. In addition, they will be active in negotiating to restart the rest of the plant next year.

PVTEX, a subsidiary of PetroVietnam with a total investment capital of 325 million USD, started commercial operations in May 2014 with a capacity of 236 tonnes of fibre per day, reaching 48 percent of the designed capacity.

The plant halted operations in September 2015 owing to a huge loss of 1.26 trillion 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 have considered bankruptcy if the equitisation of the enterprise had been unsuccessful.

PVTEX and APH signed a memorandum of co-operation on producing and trading Dinh Vu polyester fibre on April 27.-VNA