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Vinatex Signs Agreement With Itochu Group Of Japan To Boost Vietnamese Textile Retail Distribution Sector

• By  Textile Excellence
• January 26, 2017

Vietnam Textile and Garment Group (Vinatex) has acquired another feather in its cap recently. It has signed a strategic co-operation agreement with Itochu, a Japanese firm.  Itochu will help Vinatex make a change in textiles and garment production and business method from Cut-Make-Trim to Free on Board. It will further assist Vinatex in developing a sustainable retail distribution network and avail of long-term benefit.  Vietnamese Prime Minister Nguyen XuanPhuc witnessed the ceremony along with his Japanese counterpart Shinzo Abe in Ha Noi.  The Itochu group of Japan is a leading player in various areas that include textiles and garments. The group has taken the plunge in Vietnam with around 100 textile and garment companies of Vietnam.

The agreement states that Itochu will play the role of a consulting partner for Vinatex and its member companies in order to develop the textile and garment supply chain from fibre to thread, fabric and sewing, retail distribution, cooperation and introducing domestic and foreign partners.

In fact, Itochu plans to be the number one partner of Vinatex to develop the textile and garment industry in Vietnam. "Itochu & Vinatex would discuss the cooperation plan and implement it at the ground level to make changes from the Cut-Make-Trim to free on board  and develop a sustainable retail distribution network with a long term vision," said Tien Truong, General Director of Vinatex. He was speaking at the signing ceremony.

In the near future, Itochu would boost co-operation between the two sides to develop textiles and garment products and supply them globally.

Textile Excellence