Coats, one of the leading industrial thread and consumer textile crafts companies, has announced the opening of a global services business in Vietnam, on the eve of completing 25 years of operations in the country.
The new dedicated business provides the sewn product industries with expert insights, technical guidance and practical solutions to build efficiencies across the supply chain. In Vietnam, Coats Global Services will focus on enabling manufacturers and brands to make a step change difference to their operations through a range of productivity improvement tools and processes including lean manufacturing, shop floor training and colour management.
The event to celebrate Coats’ 25 years in Vietnam also recognises the highly successful joint venture in Vietnam with Phong Phu Corporation, one of the leading textile companies in Vietnam.
Paul Forman, group chief executive, Coats, said, “Vietnam is a country of great potential and we are tremendously proud of the outstanding levels of success and productivity that our business here has already shown. Our 25th anniversary is an important corporate milestone and one which could not have been achieved without the close support of, and strong relationship with, our joint venture partner Phong Phu Corporation.”
Bill Watson, managing director, Coats Vietnam, said, “Success is built on strong foundations that are then developed by talented and dedicated people with positive teamwork. This is what Coats and Phong Phu Corporation have created here in Vietnam and we look forward to celebrating the next 25 years.”
The Vietnam business is vitally important to Coats. It is a major hub in South East Asia for global apparel sourcing and, with the longer term ‘mega trend’ of the growth of the Asian middle class, the wider Asia region is fast moving from being primarily a manufacturing base to also being the world’s largest consumer market.
Vietnam’s potential to access the exponential levels of free trade agreements that include the Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) and the EU and Vietnam Free Trade Agreement offer benefits from increased exports, the potential for increased inward investment, stronger links to international supply chains, and productivity gains. (GK)
