Vietnam established diplomatic ties with more than 170 countries and territories and trade relations with 224 out of 255 markets and territories; and signed 86 bilateral agreements, 46 agreements on investment promotion and protection and 40 anti-double tax pacts.
The economic relations between Vietnam and its current potential partners have developed in both depth and width. However, after joining TPP Vietnam’s economy will be more affected, especially on key goods.
Dr. Vo Hung Dung, Director of VCCI Can Tho Branch believes that joining TPP will give opportunities to Vietnam to export its agricultural and seafood products to large markets within the TPP bloc with a prioritised tariff as well as opportunities for cooperation in high technology and modern agricultural development.
Vietnam has a rather large agricultural production area so it has a high demand in expanding markets for its agricultural products. Yet, the main difficulty lies in the fact that TPP countries tend to limit negotiations, maintain protection and subsidies to local farmers and not open doors by using technical barriers to trade and in the form of hygiene measures.
Joining TPP will give opportunities for Vietnam to expand the market for its fruit. Photo: Phuong Vy/VNA
According to Dr. Nguyen Anh Tuan, Editor-in-Chief of the International Research Magazine, the Diplomatic Academy of the Ministry of Foreign Affairs, when joining TPP, Vietnam must eliminate 100% of tariffs for all goods, including agricultural products while there are no technical barriers or having them but not very high. The reduction of tariffs will surely lead to a rapid increase of imports from TPP countries into Vietnam with competitive prices.
For aquatic products, according to the Vietnam Association of Seafood Exporters and Producers (VASEP), 40% of Vietnam’s aquatic products were exported to TPP countries in 2013, including 20% to the US and 17% to Japan. Japan is the major market of Vietnam’s tuna exports, but the tariff is at 6.4-7.2%.
Tuna is a potential export of Vietnam. Photo: Ly Kha/VNA
Related to husbandry products which have less competitiveness in comparison with other TPP countries, there is a limitation in production capacity and technology, whereas this sector regularly faces epidemics. Vietnam’s husbandry industry is now the sector providing many jobs for farmers, but with a low and unstable income and it is the most vulnerable.
Vietnam’s husbandry sector has less competitiveness in comparison with other TPP countries. Photo: Vu Sinh/VNA
The Vietnam Textiles and Garments Association expects TPP will facilitate Vietnam to increase its export turnover of textiles and garments to 30 billion dollars in 2020 and 55 billion dollars in 2030.
Out of the annual total import tax revenue of 1.3 billion dollars from TPP members to the US, about 1 billion dollars is from Vietnam’s imports and 80-90% of this number is from garment and footwear exporters.
At present the tariffs for Vietnam’s garment and footwear exports to the US are over 7% and 12%. The reality shows that these sectors of Vietnam will benefit when the tariff is lowered to zero. The import tax for Vietnam’s footwear to TPP members will be zero from the current 3.5-57.4%
The garment and textile sector will reach 30-55 billion dollars by 2020-2030. Photo: An Hieu/VNA
With a total number of 500 enterprises which now provide jobs for 600,000 labourers, this sector will expect to generate more than 1 million jobs with TPP’s commitments.
Associate Prof. Nguyen Anh Tuan acknowledged that when Vietnam’s footwear sector participates in the global value chain, with its advantages in a “gold” human force, it will provide favourable conditions for implementing the stages using many labourers.
When TPP comes into force, Vietnam is believed to be one of the large beneficiaries from increasing trade with the US and Japan which are the two largest markets of TPP. The tariff reduction will facilitate Vietnam to export its garments, footwear and agricultural products. However, besides the advantages, Vietnam will also face many risks. Therefore, Vietnam needs initiatives and key resolutions to take full use of key products as a TPP member.
According to economic experts, 37 out of 97 sectors of export goods are more competitive than partners. These goods, including garments and textile, footwear, aquatic products and coffee, account for 75% of the total export value of Vietnam, equivalent to 120 billion dollars.
Women walk near a Citibank branch in Hanoi, Vietnam. Photo: Reuters
But the hopes could be belied if Vietnam does not improve its business environment
The recent free trade agreement between 12 Pacific Rim countries has renewed US investors’ interest in Vietnam, but any hope of a significant increase in their investment could depend on reforms to improve the Vietnamese business environment, according to analysts and officials. In its recent forecast, the Foreign Investment Agency said the Trans-Pacific Partnership (TPP), is now the biggest magnet for US investment in Vietnam. Both countries are part of the world’s biggest trade bloc, the deal for which now awaits approval from member nations’ legislatures. A recent event that underlined US investors’ increasing interest in Vietnam was a visit by more than 30 business executives seeking investment opportunities in construction, the agency said. At least three similar delegations, which included US giants like aircraft manufacturer Boeing and oil and gas corporation Exxon Mobil, came last year. Many US conglomerates like Nike and Mast Industries plan to move a major part of their manufacturing activities to Vietnam, the agency said, pointing out that some like tech giants Microsoft and Intel have already made the move here from China, where labor costs have rapidly increased. Around 57 percent of US companies operating in Southeast Asia consider Vietnam the most attractive investment destination, it said, citing a survey by the American Chamber of Commerce in Singapore. But to attract more US investors, Vietnam needs to approach different potential investors such as banks and venture funds, according to the agency. Besides major companies in key sectors like oil and gas and aviation, small and medium US enterprises in manufacturing and light industries should also be the focus, it added.
Past disappointment
This is not the first time a free trade agreement is described as a harbinger of increased US investment in Vietnam. When the countries signed a bilateral trade agreement in 2000, the US was often described as “a strategic investor” who would become “the top investor” in Vietnam. However, with total investment of $11.2 billion so far, the US is only the seventh largest foreign investor in Vietnam, according to official figures. It pales in comparison with investments in other ASEAN countries. Last year, for instance, US firms invested $300 million in the country compared to $2.58 billion in Indonesia, $1.97 billion in Thailand, and $1 billion in the Philippines. The figure in the first 11 months this year is $226.6 million for Vietnam, down 8.7 percent year-on-year. Nguyen Mai, chairman of the Vietnam Association of Foreign Investment Enterprises, told the Ministry of Planning and Investment’s news website Bao Dau Tu that the below-average human resources, lack of policy transparency, and red tape are among the hurdles to US investment in the country. The Foreign Investment Agency pointed to similar reasons for the fact that US investment in Vietnam has not matched the potential. Many US businesses consider corruption as one of Vietnam’s biggest problems, and believe it is caused by the lack of transparency in policies and the inconsistent enforcement of laws, it said. Though Vietnam has the advantage of low labor costs compared to China, US businesses, especially those using high technologies, find it difficult to hire skilled workers here and have to spend money to train their staff, it said. They are also discouraged by the poor transport and energy infrastructure and inadequate government support for businesses amid increasing costs of labor and office rent, it said.
Vietnam’s textile and garment exports to the US from January to November 2015 have reached US$9.98 billion, a year-on-year increase of 11.7 percent. It is expected to gain much higher with the Trans Pacific Partnership (TPP) taking effect. According to the Vietnam Textile and Apparel Association (Vitas), during the 11 months, Vietnam’s textile and garment export value to its other major export markets was also optimistic with $3.09 billion to the EU, $2.53 billion to Japan and $1.98 billion to South Korea.
Luong Hoang Thai, head of the Ministry of Industry and Trade’s Multilateral Trade Policy Department and the deputy head of Viet Nam’s negotiator delegation at the TPP deal, said that the tax value that Vietnamese textile, garment, leather and footwear exporters currently have to pay for the US, is higher than that of other TPP member countries.
The local enterprises must pay a total tax value of $1.17 billion for exporting textile and garment products to the US market.
Therefore, Viet Nam was successful in negotiating with the US to reduce the tariff for Vietnamese textile, garment products from an average rate at 17 percent to zero under commitments of the TPP, Thai said.
To join the zero tariffs, the local exporters must meet origin regulations from material for production under TPP agreement to prevent neighbouring countries from exporting their products to Viet Nam and then shipping to other countries.
The TPP agreement also has flexible mechanisms for Viet Nam in supplying material when Viet Nam does not yet have enough domestic material supply.
The General Department of Customs said that the country’s export value of textile and garment reached $20.6 billion in the first 11 months. Therefore, the local textile and garment industry needs a total export value of $2.4 billion in December to meet the yearly target in textile and garment for this year at $23 billion.
Tran Viet, head of Vinatex’s Legal and General Affairs Department at its press conference on production and business of the group this year held in Ha Noi yesterday said that Viet Nam National Textile and Garment Group (Vinatex), Viet Nam’s largest textile and garment producer, was estimated to achieve a year-on-year export value of 10 per cent to $3.4 billion for this whole year.
However, the group’s pre-tax profit was predicted to reach VND1.35 trillion ($60 million) for this year, similar to the rate in 2014, because depreciation of currencies in some other textile and garment exporting countries such as China, India and Indonesia affected Vinatex’s production and business results in 2015, he said.
This year, the group’s exports to major markets was expected to gain, including a growth rate at 12.95 percent to the US, 5.96 percent to the EU, 7.95 percent to Japan and 8.77 percent to South Korea against 2014.
The growth was due to positive production and business from large Vinatex’s member companies, including Phong Phu Joint Stock Company, Hoa Tho Textile and Garment Joint Stock Corporation, and Viet Tien Garment Corporation, in addition to Garment 10 Corporation and Duc Giang Corporation.
With positive forecasts for domestic garment exports, Vinatex expected next year’s growth of 8 per cent in its total revenue and 10 percent in total export value against 2015.
Vietnamese textiles and garment exports will possibly hit US$27.1 billion this year, an increase of more than 10 percent from 2014, local media reported.
Local producers shipped $20.63 billion worth of textile and garment products in the first 11 months, up 8.9 percent from the same period last year, according to the latest figures released by Vietnam Customs.
The US was Vietnam’s largest market with $9.88 billion worth of apparel, up 11.7 percent. EU and Japan were ranked second and third with imports of $3.09 billion and $2.53 billion.
Vietnam’s textiles and garment shipment has been rising strongly, even though there were no remarkable increases in its major markets, such as the US, whose imports rose 4.8 percent year-on-year, news website Saigon Times Online quoted Vinatex representative Tran Viet as saying. Vinatex is the country’s biggest apparel producer.
Viet said, despite the sharp increase in revenues, Vietnamese exporters’ profits have not risen accordingly as they have had to cut their margin to compete with other exporters such as China, India and Indonesia.
In the past few months, these countries have depreciated their currencies, which have in turned made their products cheaper, he said.
Vinatex expected to record exports of $3.4 billion this year, but its profit will be equal to last year’s, around VND1.35 trillion ($59.86 million).
The European Parliament (EP) adopts an official resolution ratifying the Viet Nam – EU Partnership and Co-operation Agreement (PCA), at a plenary session in Strasbourg city, France. — VNA/VNS Photo Bich Ha
BRUSSELS (VNS) — The European Parliament (EP) adopted an official resolution ratifying the Viet Nam – EU Partnership and Co-operation Agreement (PCA), at a plenary session in Strasbourg city, France, yesterday.
The resolution welcomes Viet Nam’s outcomes in doi moi (renewal) and integration over the past time and hails the country’s role and position in regional and global arena.
It said co-operation between the EU and Viet Nam has developed rapidly since they established diplomatic ties 25 years ago, moving from an initial focus on trade and aid to co-operation and comprehensive partnership.
The EP stressed that the signing of the PCA with Viet Nam demonstrates the strategic significance of the Southeast Asian country as a key partner of the EU in the region and ASEAN.
The parliament committed to widening and deepening the Viet Nam-EU relations across sectors such as social affairs, democracy, human rights, and settlement of regional and global challenges.
In its resolution, the EP expressed its deep concerns over illegal and unilateral actions that cause tensions in the East Sea, threatening peace, security, stability, international trade and fundamental benefits of the EU in the region as well as navigation safety and freedom on the union’s main maritime trade routes.
The EP calls for more efforts from China and parties involved to reduce tensions in the East Sea while stressing it is necessary to address disputes via peaceful means, building trust, and holding bilateral and regional negotiations on the basis of international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).
French Senate ratifies agreement
Also yesterday, the Viet Nam-EU Partnership and Co-operation Agreement (PCA) sailed through the Senate of France in Paris with 100 per cent of the vote.
The PCA is a framework agreement that looks to adjust the relationship between Viet Nam and the EU and replaces the 1995 Viet Nam-EC Framework Co-operation Agreement.
The deal allows Viet Nam to access the EU market more easily on the basis of the equal, long-term, and stable partnership and comprehensive co-operation.
Signed on June 27, 2012, the pact will come into force after it is ratified by all EU members.
Speaking at a discussion in Paris, Annick Girardin, Minister of State for Development and Francophony, elaborated on the French Government’s views which lauded developments in the comprehensive co-operation between Viet Nam and France over the past time, especially in economics, trade and investment.
She commented on the increasing bilateral trade and the stronger flow of French investments in the Southeast Asian nation.
Helene Conway-Mouret from the Committee on Foreign Affairs, Defence and Armed Forces of the Senate, presented a draft law which is comprised of eight chapters and 65 articles stipulating economic, trade and investment ties, development co-operation as well as the collaboration in justice, education, training, health care and the environment between the two nations.
The majority of the senators at the event echoed the French Government’s views on the fruitful Viet Nam-France relations.
They agreed that the agreement should be soon ratified in order to create a legal framework for the affiliation between Viet Nam and the EU, including the Viet Nam-France relations.
Michel Billout, senator from Seine – et – Marne, held that the PCA will pave the way for a mutually beneficial and more intensive and sustainable co-operation framework between Viet Nam and the EU.
He explained that the EU is Viet Nam’s leading economic and trade partner and the country’s important importer.
The PCA, along with the strategic partnership signed by Viet Nam and France in September 2013, is expected to contribute to driving the bilateral relations towards a new period in a more effective and intensive fashion, meeting each side’s demand for development, he said.
Noting with joy the Senate’s ratification of the agreement, Helene Luc, a former French senator and Honorary President of the France-Viet Nam Friendship Association, said the approval has translated the resolve to promote the two countries’ relations into a legal document that advance the bilateral ties to match the strategic partnership.
Japan should aim to reach a free-trade agreement with the European Union next year or risk undermining EU interest in a deal, the 28-nation bloc’s chief negotiator warned.
Mauro Petriccione said an EU-Japan FTA could be struck within months after two-and-a-half years of talks if Japanese Prime Minister Shinzo Abe commits to scrapping import duties on European foods and drinks, scaling back non-tariff barriers for cars and opening up public procurement in the railway industry. In exchange, the EU is prepared to eliminate its tariff on autos from Japan and ease access to Europe for Japanese executives.
“For us, 2016 is very possible, it’s very desirable from a European point of view,” Petriccione told reporters on Thursday in Brussels. “If we don’t make it in 2016, we’ll have to explain why and we can’t exclude a resurgence of the skepticism toward the possibility of an EU-Japan FTA that we had before we started.”
In the shadow of EU-U.S. commercial talks, Europe and Japan are seeking an accord to expand their more than 100 billion euros ($108 billion) in annual goods trade and over 40 billion euros in services transactions. Japan is the EU’s No. 2 trade partner in Asia, after China. A commercial deal between Brussels and Tokyo would follow European agreements with South Korea, Singapore, Vietnam and Canada and the Trans-Pacific Partnership among nations including Japan and the U.S.
15th Round
With the 15th round of EU-Japan trade talks due to take place in February, Petriccione said the moment has come for compromises needed for an agreement.
“We have explained our position to each other ad nauseam,” he said. “We know the Japanese position inside out and Japan knows our position inside out. It’s time that we move on and start to say ‘OK, what is the compromise?’”
The EU insists that Japan remove tariffs on European foods such as chocolate, pasta, tomato paste and cheese, according to Petriccione. The bloc would refrain from demanding duty-free access to the Japanese market for “sensitive” farm goods in Japan such as rice, beef and pork, he said.
“It is proving difficult and more difficult than we had envisaged,” Petriccione said. “We are very competitive in all sorts of processed agricultural products. We don’t really see why the very large majority of European exports, including the agricultural sector, are threatening Japanese interests. We can see a few commodities where there may be an issue.”
Japanese Pledges
The EU also wants firmer Japanese pledges to remove non-tariff barriers for European cars in exchange for phasing out the bloc’s 10 percent duty on autos from Japan. The European goal is to ensure that vehicle standards and administrative regulation in Japan don’t unduly impede market access, according to Petriccione.
“We need to have a guarantee that the reduction in costs that our producers will enjoy when they sell to the Japanese market is comparable to the reduction in costs that the tariff elimination will bring to Japanese producers when they sell in Europe,” he said. “We’re not against a speedy elimination if we can justify it.”
Regarding public procurement, Petriccione said Europe’s biggest gripe with Japan has been the country’s practice of subjecting the rail market to an “operational safety clause” that lacked transparency.
“Until recently, we were never even told how that clause operated,” he said. “For us, cleaning that up is essential.”
An initial accord with Japan on this point needs to be followed up with more Japanese concessions for the European railway-equipment industry.
“They will maintain a safeguard clause,” he said. “The question is: how do they apply it to a preferential partner who can offer high-quality, safe equipment?”
SEJONG, Dec. 16 (Yonhap) — The free trade pact between South Korea and Vietnam will go into effect on Dec. 20, and will help fuel trade and expand investment opportunities, the government said Wednesday.
According to the Ministry of Trade, Industry and Energy, Seoul and Hanoi agreed on the effective date through diplomatic channels, with both sides wanting the pact to come into force as soon as possible.
After starting negotiations in September 2012, the two sides formally signed the free trade agreement (FTA) on May 5, with South Korea’s National Assembly approving the trade agreement on Nov. 30.
“With the FTA to be placed within the year, companies from the two trading partners can benefit from more tariff cuts starting Jan. 1,” the ministry said.
It said that under the deal, tariffs would go down at the start of every new year, so 2016 will mark the “second year” of rate cuts.
The ministry in charge of trade and industry promotion said that with the FTA in place, it will become easier for local companies to do business in the Southeast Asian country.
Seoul agreed to open 94.7 percent of its market, while corresponding numbers for Hanoi will reach 92.4 percent.
“The FTA will also create a more stable business and investment environment,” it said.
This is important because Vietnam is South Korea’s third-largest export market after China and the United States. In the first 10 months of this year, outbound shipments to the country topped US$23.39 billion.
The ministry said that besides textiles and car parts, the bilateral FTA will open Vietnam up to South Korean consumer electronics and even cosmetics. The latter could provide more export opportunities for South Korea’s medium-size enterprises.
The pact will, moreover, allow greater access to Vietnam’s service sector.
The Ministry of Trade, Industry and Energy in Sejong City. (Yonhap file photo)
Ever since spinning and weaving were first mechanized in the 18th
century, the yarn and textile industries have been in technological and
geographical flux, spreading from one corner of the world to the other.
Flourishing businesses in textiles ushered in the industrial revolution
in countries as far apart as the United Kingdom, the United States and
China.
Today, these twin industries are expanding rapidly in Southeast Asia,
providing entrepreneurial and job opportunities alike, and spreading
prosperity to companies and countries who demonstrate that they can
compete successfully on the world market.
Envisioned a future and built a company
As a yarn trader in Vietnam in the 1990s, Dang Trieu Hoa ─ known to
many internationally as Jack Dang — saw Taiwanese and Chinese polyester
manufacturers triumph on international markets. “By the turn of the
century,” Dang says, “I realized that my native Vietnam could serve as a
natural new setting to support similar success stories.”
Determined that his story should be one of them, Dang established the
Century Synthetic Fiber Corporation (now a publically held company of
which he is CEO) to produce polyester filament for the budding
Vietnamese textile and garment industry. It was a good choice. This
specific product subsequently enjoyed the highest growth rate in the
business.
From his experience as a trader, Dang knew the business well—but not
the production technology. “We initially bought second-hand equipment
from a Taiwanese company,” he explains, “under the condition that the
seller would teach us everything we needed to know about operating their
machines.”
He and his staff proved to be quick learners. Within two years, the
Century team had mastered the fundamentals and began looking for
next-generation technological solutions. In order to meet skyrocketing
demand and win market share at the same time, Dang boldly decided to
double the company’s production of Draw Texture Yarn (DTY) to 9 600 tons
per year. He wasn’t going to be able to do that cost-efficiently with
yesterday’s technology—and so he made one of the most consequential
decisions of his career.
“We decided to buy brand-new equipment from Oerlikon Barmag,” he says
simply. “This was a make-or-break investment for us, but given Oerlikon
Barmag’s proven track-record for providing energy-saving, operationally
efficient machines — plus the company’s reputation for excellent
customer service — the decision wasn’t difficult.”
Oerlikon Barmag equipment brought Century to the next level.
Century wanted to produce more sophisticated products, each
characterized by reliably high quality. With cutting-edge equipment from
Oerlikon Barmag, backed by the supplier’s technical support and
production management expertise, Century was able to enhance both its
capacity and quality control at the same time.
The expansion proved successful, generating financial resources for
Century to invest in a Partially Oriented Yarn (POY) facility with an
annual capacity of 14 500 tons while increasing its DTY production
capacity to 15 000 tons by 2008.
Dang realized that by applying a backward integration strategy to POY
production, the company could further increase overall product quality
and cut production costs. After recurrent phases of expansion, Century
factories can now produce 37 000 tons of DTY and Fully Drawn Yarn (FDY)
every year.
Both as a supplier and a production management consultant, Oerlikon
Barmag has been partnering with Century for ten years. That relationship
continues to evolve today. Dang tells us that his company is now making
investments in production that will increase annual capacity to 60 000
tons by the first quarter of 2017.
According to Dang, Vietnam’s garment and textile sector is entering a
golden era with excellent, sustainable long-term growth potential. He
is quick to point out, however, “[that] with great opportunities come
great challenges. In order to remain competitive internationally, a
company must offer reliably high quality products at competitive prices,
and deliver excellent customer service year after year.”
Objectives like these can only be achieved, of course, if the company
has modern production facilities, a highly skilled and professional
workforce and modern management practices.
Oerlikon Barmag helps Century check off all the boxes here,
delivering state-of-the art equipment, contributing (albeit modestly) to
workforce training, and consulting on best practices as Century brings a
widely imitated and very capable enterprise resource planning (ERP)
system on-line.
This business management tool is a suite of integrated applications
that Century will be able to use to collect, store, manage and interpret
data from many of their business activities, including product
planning, cost management, manufacturing, marketing and sales, inventory
management, shipping and payment.
In addition, Century has recently implemented in its brand-new
factory a new version of the Oerlikon Barmag’s plant operation center
(POC), fully in line with Industry 4.0. Believing that this state-of-art
production management technology will help the Company to improve
production efficiency and quality, hence improving its client
satisfaction as well as the Company’s productivity, Jack decided that
the POC will be deployed company-wise (in all factories) next year.
Sticking to the essentials
“At Century,” says Dang, “our strategy focuses on the four
‘M’s—namely, manpower, machines, materials and methods. Selecting the
right equipment supplier is a crucial factor for success. With
state-of-the art equipment from Oerlikon Barmag, we make high quality
products, which meet even the most rigorous demands of our customers.
This equipment saves energy — a significant production cost — thus
helping Century to build up a reputable brand name as an environmentally
conscientious, high-quality yarn maker.”
Century has simple yet effective business and development strategies.
The company focuses on delivering uniform, high quality products, and
also on continuously creating new ones.
Oerlikon Barmag plays an important role in this process as the
company delivers the advanced machinery to Century that ensures optimal
quality, versatility and efficiency. Oerlikon also regularly sends its
experts to Century to provide after-sales service and deliver practical
technological solutions to assist Dang’s company in the development of
new products.
Gazing toward the horizon
“I believe that the demand for polyester filament will continue to
grow,” says Dang, “We will be able to meet that demand with a stable
supply and stay competitive if we continue to innovate in terms of
improving product functionality.”
Recent innovations in functionality have included such breakthroughs
as hollow, anti-UV, quick-dry, recycled and even flame-retardant yarns.
Most of Century’s customers are knitting and weaving companies that
specialize in sophisticated materials for products procured by
world-leading clothing, footwear and home textile brands. These brands
include Nike, Adidas, Puma, IKEA, Uniqlo and Reebok.
“Working with Oerlikon Barmag, we’re able to provide exactly what our
customers need to meet their customers’ demands,” explains CEO Dang
Trieu Hoa. “Oerlikon helps us by updating their machines on an on-going
basis in order to provide new solutions that make it possible for us to
produce high technical specification products, while saving energy at
the same time!” by Frederic Love
Oerlikon Barmag is one of two competence brands from Oerlikon’s
Manmade Fibers Segment, and a prominent supplier of textile technologies
globally. Oerlikon Barmag is the world market leader in the development
and production of spinning systems and ancillary equipment, including
texturing machines, for manmade fibers such as polyester, nylon and
polypropylene.
On the way to this year’s ITMA in Milan, Jack Dang, CEO of Century
Synthetic Fiber Corporation, one of Vietnam’s leading polyester yarn
manufacturers, stopped over for a short visit at Oerlikon Barmag in
Remscheid. This visit took place against the background of a
longstanding successful partnership between both companies. Oerlikon
Barmag has been assisting the Vietnamese enterprise for almost 15 years in expanding their production capacities and improving the quality of their yarns.
Oerlikon Barmag took advantage of this occasion to present a
commemorative plaque to Jack Dang. This plaque marks the commissioning
earlier this year of Century Synthetic Fiber’s 10,000th texturing
machine built in Remscheid by the technology leader. ʻThe choice of the
right supplier is a key factor for successʼ, said Jack Dang. ʻWe produce
high-quality products with the help of Oerlikon Barmag’s modern
machines.ʼ Their success has proved him right.
