PetroVietnam, Vinatex sew up synthetic-fibre plant agreement
[2008-3-27]
The PetroVietnam Group and the Viet Nam Textile and Garment Group (Vinatex) will jointly build a US$200 million plant to produce synthetic fibres in the Dinh Vu Industrial Zone in the northern port city of Hai Phong, under an agreement signed on Saturday.
Each of the major State-owned industrial groups would hold a 50-per-cent stake it the facility, under the agreement.
The plant, to be sited on an area of 15ha, would have a designed capacity of 500 tonnes of fibres per day. Construction was slated to begin in the third quarter of this year, with the facility to go into operation in 2011.
PetroVietnam CEO Tran Ngoc Canh said this was an important project because the nation presently imports 100 per cent of synthetic fibres needed for the textile industry. When the project goes on line, it would supply 40 per cent of domestic demand, he said.
Local content of exported garments now stood at around 40 per cent, said Vinatex chairman Le Quoc An. This was targeted to reach 70 per cent by 2020, and this project was a significant element in realising that target on local content.
Each of the major State-owned industrial groups would hold a 50-per-cent stake it the facility, under the agreement.
The plant, to be sited on an area of 15ha, would have a designed capacity of 500 tonnes of fibres per day. Construction was slated to begin in the third quarter of this year, with the facility to go into operation in 2011.
PetroVietnam CEO Tran Ngoc Canh said this was an important project because the nation presently imports 100 per cent of synthetic fibres needed for the textile industry. When the project goes on line, it would supply 40 per cent of domestic demand, he said.
Local content of exported garments now stood at around 40 per cent, said Vinatex chairman Le Quoc An. This was targeted to reach 70 per cent by 2020, and this project was a significant element in realising that target on local content.
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