According to a report by “Vietnam News” on January 21, Vietnam National Textile and Apparel Group (Vinatex) will invest a large amount of money in textile material production projects with the purpose of reducing its dependence on imported textile raw materials and auxiliary materials. The group is investing in 51 projects, 29 of which are yarn and knitting projects. The group plans to produce more than 100 million meters of cloth in 2015. A large number of new yarn and knitted fabric projects will start operations in 2016, when it is expected to produce 300 million meters of cloth. Previously, the group relied on imports for 37% of the textile raw and auxiliary materials required for production. After the demutualization is completed, the group will be transformed into a joint-stock company from February 1 this year, and the company will sell its shares in 2017.
In 2014, Vietnam’s textile and apparel industry exports amounted to US$24.5 billion, a year-on-year increase of nearly 16%. The industry’s exports will benefit from several free trade agreements, with an export volume target of US$28-28.5 billion in 2015.