|Joint Venture Thien Nam Sunrise Textile Founded|
On 5th November 2012, the joint venture signing ceremony between Sunrise Textile Co., Ltd. (Shengzhou), China and Thien Nam Investment and Development JSC., Vietnam to establish Thien Nam Sunrise Textile JSC. was held at 10 Nguyen Hue street, district 1, Ho Chi Minh city. Attending the ceremony were Business Counselor of the Democratic People's Republic of China; Mr. Bui Xuan Khu, former Deputy Minister of Vietnam’s Ministry of Industry and Trade; Mr. Le Trung Hai, Deputy General Director of Vietnam National Textile and Garment Group (Vinatex); representatives of ITOCHU Corporation, Vietnam Cotton and Spinning Association (VCOSA) and the ANZ Bank, Bangkok Bank, China Bank of Communications.
Sunrise is a huge corporation on the world, is in top three Chinese most reputation brands on yarn dyed fabrics and the wrinkle free fabrics... with global distribution system for American brands such as Polo, Burberry and other top brands of Japanese, Italian ... Thien Nam is leading spinning enterprise in Vietnam, including four spinning factories with a total of nearly 150,000 spindles, yarn production capacity of 25,000 tons /year, in which 70% for exporting to the markets such as Turkey, Brazil, Indonesia, South Korea, China ...
The established project is Thien Nam Sunrise Textile JSC. with total investment of $ 24 million to construct a factory with production capacity of 1 million meters woven fabrics and 300 tons knitting fabrics per month. According to the joint venture shareholders, this project is the convergence of all three factors – natural opportunity; location advantage and human consensus. In that, natural opportunity comes from the Vietnam’s negotiate process to participate Trans Pacific Partnership Agreement - TPP. If Vietnam joins the TPP and enjoy preferential tax (largely be 0%), this will be great business development opportunity opening for Vietnamese goods export into U.S. market, including textile and apparel. For location advantage, Nam Dinh province is cradle of formation and development for the Vietnamese textile sector, a very convenient area for the operation of the Joint Venture Company. With history over 100 years of formation and development of local textile and garment industry, Nam Dinh crystallized in itself quintessence, valuable experiences, social and economic favorable conditions for production and trading activities of the textile and garment companies. Besides, this project also gathers the element of human consensus, showed first of all in the trust, the cooperation spirit and consensus among members, the personal key leaders in the venture. In addition, this project also received support from the Nam Dinh Provincial Government on implementation of projects for dyeing and finishing fabrics in Bao Minh industrial park. With the convergence of three factors - natural opportunity; location advantage and human consensus, establishing Thien Nam Sunrise Textile JSC. is a promising and feasible project.
Former Deputy Minister of Vietnam’s Ministry of Industry and Trade, Mr. Bui Xuan Khu found that venture’s advent is consistent with the shifting in textile production and meaningful to the Vietnam Textile and Apparel industry in reducing trade deficit, production cost and strengthen the competitiveness of Vietnam's garment and textile. He believes that the venture will reap success with firm planned steps.