Woolmark, Australia’s leading wool company, will help Vietnam's garment sector produce wool products to increase its profit and competitiveness.

Jimmy Jackson, General Manager at Australian Wool Innovation, made the commitment at a press briefing in Hanoi on June 8, announcing its plan to support the Vietnamese garment sector in developing wool production and supply chains in the world market.

Jackson explained that Vietnam has a well-established textile manufacturing industry and infrastructure, as well as skilled human resources. The country is also the world’s second largest garment exporter to the US and the third to Japan. It is also the top destination for Republic of Korean companies to invest in.

All this creates a favourable condition for Woolmark to invest and develop fleece wool production and supply chains in Vietnam, he said.

Currently, there is no wool spinning plant in Vietnam, reducing the competitiveness of its garment products, and Merino fleece wool is suitable for the industry, Jackson said.

Woolmarkis investing 240,000 AUD in a Vietnam project to help local businesses develop wool production and supply chains to international market, Jackson affirmed.

Under the project which began in 2012, Woolmark experts have transferred technology of weaving and fleece wool production to Vietnam-VNA