In order to take advantage of tariff preferences available in Vietnam such as Trans-Pacific Partnership(TPP)and other Free-Trade Agreements(FTAs),several textile and garment manufacturers worldwide are investing in textile projects in Vietnam.
Last month,several textile enterprises including Chinese home textile manufacturer Sunrise Textile and Garment Company,fabric producer Texhong Textiles,Japanese textile firm Toray International as well as Australia's Lenzing have approached Vietnam National Textile and Garment Group(Vinatex)for a joint venture to set up textile units in Vietnam,according to VietNamNet Bridge.
Sunrise Textile and Garment Company has signed an agreement with the Vietnamese company Thien Nam to produce US$24 million worth of woven fabrics.Similarly,Chinese-invested Textong textiles,which manufactures fibres in Vietnam,is planning to set up a third plant in the country in association with Vinatex.
Japanese Textile firm Toray International has approached Vinatex to develop a new garment material manufacturing project or to expand the existing project.Meanwhile,Australian company Lenzing has proposed setting up a project to make high quality viscose fibre and an integrated factory system to produce wood pulp.
The Trans-Pacific Strategic Economic Partnership Agreement(TPP)is a free trade deal that aims to further liberalize trade and investment as well as encourage cooperation to create a strategic partnership within the Asia Pacific region.The TPP member countries include Brunei,Chile,Singapore,New Zealand,United States,Australia,Peru,Vietnam,Malaysia,Mexico and Canada.
Vietnam National Textile and Garment Group(Vinatex)is one of the largest and the most competitive Textile and Garment corporations in Asia,which actively manages nearly 120 subsidiary companies in textile and garment sector.
