The Thien Nam Spinning Joint Stock Company on April 14 inaugurated its fourth spinning factory, at Binh An Industrial Zone, in Di An town of southern Binh Duong province.
The Duy Nam Plant has an investment capital of almost 20 million USD and helps raise the company’s total number of spindles to 150,000. It will turn out 25,000 tonnes of cotton yarn per year, 80 percent of which will be for export and the remainder for domestic sales.
Addressing the inauguration ceremony on April 12, Deputy Minister of Industry and Trade Ho Thi Kim Thoa said the operation of the plant will help raise the competitiveness of Vietnam’s yarn and lift the sector’s localisation rate to 60 percent.
The country has earned almost 330 million USD from garment and textile exports so far this year and export turnover is expected to increase from 16 billion USD to 20 billion USD by 2015.-VNA
