Itochu Textile Prominent Asia CEO Shimizou Motonari said Vietnam is an important market in Asia for textile and garment investment, especially when free trade agreements (FTAs), including the Trans Pacific Partnership (TPP) agreement will be signed or take effect.
More cooperative projects will be placed underway in the upcoming time between members of the two sides as Itochu is both a stakeholder and a long-time business partner of Vinatex, said Motonari.
The string of projects is expected to generate US$60 million in total revenue in the course of the next five years, and create thousands of jobs at project sites such as Nghe An and Quang Binh provinces.
Meanwhile, Vinatex hopes that close cooperation with Itochu will help it expand markets, invest in advanced technologies, and successfully build a comprehensive supply chain in textile and garment for Vietnam.
Up to now, Itochu has been the first non-credit institution from Japan that invests in a Vietnamese state-owned enterprise, such as Vinatex. Itochu has developed trading relations with about 100 Vietnamese companies in the textile and garment fields.