Vinatex plans to top textile & garment producer's list
13 Feb '06
2 min read
Vietnam Textile and Garment Group (Vinatex) has been ranked 16th among the leading textile and garment producers in the world after a very successful year - 2005, achieving a US $1.14 billion export turn-over, according to Chairman, Vietnam Textile and Garment Association, Le Quoc An.
Le Quoc An informed that Vinatex was implementing its General Development Strategy to ensure the group reaches the 10 position from the present 16th by the year 2010.
He said that the company is targeting an export turnover of $15 billion by 2015.
During 2006, Vinatex plans to invest VND 1,173 billion to modernize its production line and improve its textile and garment products' quality to compete in international markets.
To this end, Vinatex has begun implementing strategies such as establishing centers and companies that will trade textile and garment materials, besides industrial fashion model designing and trading in Hanoi and Ho Chi Minh city.
Additionally, the Group is to promote ten to 20 brands overseas and buy copyrights or tie-up with two to four internationally famous producers to market their products in the domestic markets.
At present, Vinatex owns three parent and 14 subsidiary companies. Besides there are 40 joint stock companies within the Group.
The group accounts for over 20 percent of the total textile and garment export turn-over of Vietnam.
Many of the Group companies have earned over $100 million annually in export turnover after implementing proper investment and development policies.
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