Two large State-run groups jointly poured over VND2 trillion (US$125 million) into the development of facilities for producing polyester fibre from petrochemical products at the Hai Phong-based Dinh Vu Industrial Park
Two large State-run groups jointly poured over VND2 trillion (US$125 million) into the development of facilities for producing polyester fibre from petrochemical products at the Hai Phong-based Dinh Vu Industrial Park.
The two groups are the Viet Nam Textile and Garment Group (Vinatex) and the Viet Nam National Oil and Gas Group (PetroVietnam).
The project would create a key source of raw materials for the garment industry, said Le Tien Truong, a senior official of Vinatex.
The garment industry was focusing investment on raw material production in an effort to raise the value of its products, said Vinatex General Direcotr Vu Duc Giang.
The group has called for foreign investors to build three polyester fibre factories in southern Dong Nai and Binh Duong provinces. In an attempt to create 45,000-50,000 new hectares of cotton growing area by 2010, Vinatex has developed cotton plantations in Ninh Thuan, Binh Thuan, Dak Lak, Quang Ngai and Dong Nai provinces.
It is working hard to meet 15-20 per cent of the national demand for polyester fibre by 2009 and 50 per cent by 2012, Giang said.
At present, the supply of polyester fibre produced by foreign-invested and private factories nationwide only meets around 4 per cent of the Vietnamese demand.
Vinatex Chairman Le Quoc An said that the sector urged all foreign investors to pump money into projects related to processing raw materials and manufacturing accessories for the textile and garment industry, because at present Viet Nam has to import 70-80 per cent of its total demand for textile materials and accessories.
(Source: VNS)
