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Vice Chairman Wang Yu Attended Groundbreaking Ceremony of Texhong-Hải H¨¤ Industrial Park


 On 15th November 2014, Texhong- H?i HàIndustrial Parkheld a grand groundbreaking ceremony in H?i Hà County, Quang Ninh Province. Over 400 delegates from Texhong Group, Vietnam Ministry of Planning and Investment, Vietnam Ministry of Industry and Trade, Ministry of Defense of Vietnam, Quang Ninh provincial commissions, Economic and Commercial Counselor’s office of PRC in the Socialist Republic of Vietnam, CCCT, China National Textile and Apparel Council, enterprises of Texhong’s upstream and downstream industry and supply chain attended the ceremony. Vice Chairman Wang Yu also attended and gave a speech.

In his speech, Wang Yu said that China’s cooperation with Vietnam in textile and apparel has developed rapidly. This year from January to September, Vietnam has been the fourth largest market of China’s textiles and apparel export and fifth largest source of import. With concerted efforts from both governments and communities, our cooperation areas have been expanding with increasingly diversified product portfolio. More and more Chinese companies choose to invest in Vietnam, and Texhong Group is a leading one. It ranks among top ten cotton textile companies in China and is the NO.1 import company of Vietnam textiles and apparel. We believe Texhong- H?i Hà Industrial Park will bring more opportunities in bilateral cooperation. As a service provider for textile and apparel companies from both home and abroad, CCCT will continue to play an active part in promoting the communication and cooperation between China and Vietnam in this field.

Mr. Hong Tianzhu, Board Chairman of Texhong Group gave an overlook of his company and the industrial park. After 17 years of development, Texhong Group has become one of world’s largest yarn suppliers with annual production capacity of 2.2 million spindles:1 million from Vietnam and 1.2 million from China. It is a large-scale international company with 20,000 employees worldwide and generates $1.8 billion revenue annually. Texhong has started to invest in Vietnam 9 years ago and guided by a principle of professional, diversified, specialized and international development, it strives to become a strong competitor in global market, covering both upstream and downstream. The establishment of Texhong- H?i Hà Industry Park has well coincided with a global trend of industry transition and upgrade, which is another breakthrough in Texhong’s international development strategy. The construction of the industry park started in 2014 and the operation will kick off in 2015. With $25 billion investment, it plans to cover as wide as 3300 hectares (equal to 50,000 mu) and directly hire over 120,000 people, creating $32.3 billion annual revenue. In addition, Texhong plans to build a thermoelectricity plant with total power output of 2 million kilowatt and a water plant with daily processing capacity of 600,000 tons together with a waste water treatment plant of corresponding scale. He said that Texhong looks forward to cooperating with companies in the upstream and downstream to develop this industrial park into the most competitive platform for textile and apparel. 

China’s textile and apparel industry has shifted from a high speed development stage to medium-high speed stage. It has entered a critical period where accelerated industry reshuffle and integration provide historic opportunities. With increased pace in going global, large-scale companies pay more attention to outbound investment and overseas market. It becomes a trend now to set up material processing facility, R&D center, distribution channel, and sales network abroad through local financing, and gradually activities in domestic and overseas market can complement each other. Texhong- H?i Hà Industrial Park is a strategic move and also a new attempt for Chinese companies to go global. It is in line with the government’s priority and also lays a foundation for other Chinese companies. We should follow in Texhong’s footsteps and further China and Vietnam cooperation in textile and apparel.