A Vietnam-U.S. joint venture is going to construct a textile and garment complex, the most modern of its kind in Vietnam, with total investment of over 80 million U.S. dollars, a local daily reported Thursday.
Under a venture contract signed by the Phong Phu Corporation and the U.S. International Textile Group (ITG), the future complex in central Da Nang city will supply materials for garment production and ready-made clothes, mainly cotton items, in whole package solutions to foreign customers, Youth newspaper reported.
The complex named Burlington-Phongphu Solutions Supply Chain City is expected to become operational in late 2007. Up to 90 percent of 60 million meters of cloth annually produced by the complex will be exported.
Vietnam reaped textile and garment export turnovers of more than 2.1 billion dollars in the first five months of this year, a year-on-year rise of 31.1 percent, according to the country's General Statistics Office.
It is estimated to reap 5.5 billion dollars from exporting garments and textiles, mainly to the European Union and the United States, in 2006, up 14.6 percent against 2005.