Vinatex to invest 240 million USD to boost production

Illustrative image (Photo: VNA)

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

Of the total mobilised capital, Vinatex’s general director Le Tien Truong said, the parent company would finance projects worth around 2.4 trillion VND, while the subsidiaries would fund projects for around 3 trillion VND.

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

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

As Vietnamese garment enterprises attempt to penetrate the foreign market, exports to 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 industrial production value, an increase of 11 percent in exports and a rise of 12 percent in revenue, compared to 2016.-VNA

VNA