In same line as TCM, Phong Phu Textile Corporation, a member of Vietnam National Textile - Garment Group (VINATEX) quickly responded by boosting its investment into trade and services.
A top official of the corporation said, “Global economy focuses on developing trade and services; therefore, Phong Phu has been speeding up its integration into the global economy by joining untraditional but fully potential business activities.”
Phong Phu has officially shifted its production structure since 2005. Apart from production of fiber, clothes and traditional scarves as key businesses, it has been investing vast amounts into the construction of Commercial center, supermarket, deluxe apartments, IZs, tourism areas and luxurious resort.
According to Tran Quang Nghi, General Director of Phong Phu, the Corporation has prepared for such development plan by inviting cooperation of investors.
Recently Phong Phu signed a property agreement with US based WL Ross Company with a total contract value of $100 million.
It is said that TCM and Phong Phu Corporation are two among nearly 200 textile and garment enterprises that are making efforts to diversify its business lines and activities.
Many other companies like Hanosimex, Viettien, and Nha Be Apparel are expanding its business activities apart from their traditional textile and apparel products.
To catch up with a new trend of investment in Vietnam, enterprises in the textile and apparel industry are developing sharply in the country, and are luring participations from both domestic and foreign investors.
Fibre2fashion News Desk - Vietnam
marketing@alchempro.com
