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Vietnam: Vinatex to Invest $71 Million in Fiber-Weaving-Dying Complex

The Vietnam textile group, Vinatex, is set to build a fiber-weaving-dying and garment complex in Vietnam’s Que Son District this year, at a cost of 1.5 trillion Vietnamese dong ($71 million).

Tran Van Pho, deputy general director of Vinatex, said the new complex was part of the Memorandum of Understanding (MoU) that Vinatex and the province signed two years ago, according to the Vietnam Investment Review (VIR).

Pho explained, “The complex is an intensive investment project in the central region, in preparation for the Trans-Pacific Partnership Agreement (TPP). It is built to provide material for boosting the textile and garment industry in Quang Nam, Da Nang and other neighboring coastal central provinces,” VIR reported.

The complex is expected to bring in 1.7 trillion dong ($81 million) in revenue per year during the first phase of construction. This would contribute to the provincial budgets as well as add jobs. It was designed to produce 4,600 tons of spindles and a production line of textile, knitwear and dye manufacturing of 5,000 tons of products. Pho explained that the garment plant in the complex would produce 25 million products. A waste water treatment plant will also be built with a 5,000 cubic meter capacity per day and night.

Dinh Van Thu, vice chairman of the provincial people’s committee, said 91 textile and garment companies in the province produced 2.9 trillion dong ($138 million) last year; 6.6% of the province’s total industrial production value. VIR also added that the industry produces 55 million meters of cloth, creating jobs for a near 3,000 people.

Vinatex will also begin construction of a fiber production plant in Thang Binh District and a garment plant in Nui Thanh District. Additionally, it plans to develop a cotton farm in Dai Loc District within the next several years.