The Vietnam National Textile and Garment Group (Vinatex) will investmost of its capital in material production projects in a move to reducedependence on imports.
Vinatex General Director Le Tien Truonghas said that Vinatex is investing in 51 projects, 29 of which are ofyarn and knitting production.
This year, Vinatex is set toproduce more than 100 million metres of clothing, which is expected toincrease to 300 million metres in 2016, when a number of new yarn andknitting production projects will become operational.
Earlier, Vinatex had to import roughly 37 percent of its materials required for production.
Truongsaid after equitisation, Vinatex will operate as a joint-stock companyfrom February 1, and the firm will offer shares in 2017.
Vietnam'stextile and garment industry witnessed good growth in exports lastyear, reaching 24.5 billion USD, up nearly 16 percent compared to 2013.
Thetextile and garment sector is expected to benefit from severalfree-trade agreements (FTAs) that are likely to take effect, and it aimsto export goods worth 28 billion USD to 28.5 billion USD in 2015.
Owingto the advantages accruing from the FTAs, the textile industry coulddouble production in 10 years. However, textile enterprises need to bewell-prepared to seize the opportunity, especially to increase thedomestic material production.
In addition to the 12-nationTrans-Pacific Partnership (TPP) agreement, which includes the UnitedStates and Japan, Vietnam has either signed or in the final stages ofnegotiations for the FTA with the European Union, the Republic of Koreaand the Customs Union of Belarus, Kazakhstan and Russia.-VNA
Vinatex General Director Le Tien Truonghas said that Vinatex is investing in 51 projects, 29 of which are ofyarn and knitting production.
This year, Vinatex is set toproduce more than 100 million metres of clothing, which is expected toincrease to 300 million metres in 2016, when a number of new yarn andknitting production projects will become operational.
Earlier, Vinatex had to import roughly 37 percent of its materials required for production.
Truongsaid after equitisation, Vinatex will operate as a joint-stock companyfrom February 1, and the firm will offer shares in 2017.
Vietnam'stextile and garment industry witnessed good growth in exports lastyear, reaching 24.5 billion USD, up nearly 16 percent compared to 2013.
Thetextile and garment sector is expected to benefit from severalfree-trade agreements (FTAs) that are likely to take effect, and it aimsto export goods worth 28 billion USD to 28.5 billion USD in 2015.
Owingto the advantages accruing from the FTAs, the textile industry coulddouble production in 10 years. However, textile enterprises need to bewell-prepared to seize the opportunity, especially to increase thedomestic material production.
In addition to the 12-nationTrans-Pacific Partnership (TPP) agreement, which includes the UnitedStates and Japan, Vietnam has either signed or in the final stages ofnegotiations for the FTA with the European Union, the Republic of Koreaand the Customs Union of Belarus, Kazakhstan and Russia.-VNA
