Giant apparel firm earmarks 190 mln USD for projects in 2014
Prioritised projects include two plants that can dye 12-40 million metres of cloth per year, Nghi said.
Vinatex will also invest 2.2 trillion VND (105 million USD) in a
complex which comprises a yarn – textile – garment mill, a water supply
facility, a wastewater treatment plant, and accommodations for workers,
he elaborated.
The group, Vietnam’s largest of its kind, has
planned to set up an investment fund, called "TexFunds", with an initial
capital of around 300-500 billion VND (14-24 million USD) in order to
attract investments in infrastructure for the textile industry, which is
quite costly at the beginning, Nghi added.
Early this year,
the Bank for Investment and Development of Vietnam (BIDV), signed an
agreement to lend Vinatex 600 million USD in the period from 2014 to
2016.
The loan package will be used by the textile firm to
improve the efficiency of its production, invest in more projects, and
upgrade their manufacturing technology.
The state-owned group
logged a trade surplus of over 1.7 billion USD in 2013, Le Tien Truong,
deputy director of Vinatex, reportedly said, adding that it also aims
to increase export value by 12 percent this year.
“Vietnam
will find more opportunities in many places, apart from the US and New
Zealand, in the presence of a TPP agreement with favorable terms and
conditions,” Truong said.
Vinatex will build a 1,500-hectare
textile industrial park by the end of 2014 in cooperation with two
Chinese companies, according to the portal of the Ministry of Planning
and Investment.
The 400 million USD project, which is
located in the northern province of Nam Dinh, is expected to be the
biggest textile industrial zone in the country, attracting a number of
investors in the fields of dyeing, leather, garment, and textiles from
mainland China, Hong Kong, and Taiwan.
Doan Hong Phong, vice
chairman of the provincial People’s Committee, said the province will
hand over clean land to the investors by the last quarter of this year,
adding that Nam Dinh will create a good working environment for them.
Once fully operational, the industrial park will create
an industrial production value of 3-4 billion USD each year, paying
300-400 million USD to the state budget, and generating160,000 jobs.-VNA