Vietnam: Textile group plans huge investments in 2010

The Vietnam National Textile and Garment Group (Vinatex) proposes to spend VND 1.1 trillion, about US $61.1 million in 2010 on technology up-gradation and for investments in new machinery to spruce up capacity.
This was revealed by Vinatex Chairman Le Quoc An, who also said that they would also spend an additional VND 15 billion to promote its brand image in the local and international markets.
Vinatex also has projected a growth of 12 percent in export revenue in 2010, to help it reach $1.9 billion and also generate a 10 percent rise in overall revenues, when compared with figures of last year.
It will evaluate business efficiency of its affiliates to restructure them appropriately, as well as focus on high-efficiency projects, along with investing in development of industrial zones specializing in weaving and dyeing and cotton plantations.
Vinatex will also coordinate with the Ministry of Industry and Trade and cotton companies to develop programmes to increase cotton cultivation areas and also suggested establishing a fund to stabilise cotton prices.