Vinatex visits Armenia
Vinatex visits Armenia
After a new trade deal, a Vietnamese company is hoping to add a new country to their roster of important trading partners: Armenia.
A delegation of the Viet Nam National Textile and Garment Group (Vinatex) has recently made a fact-finding trip to Armenia to seek partners for production projects. Viet Nam is the first country to sign a free trade agreement with the Eurasian Economic Union (EAEU) that includes Armenia.
Vinatex general director Le Tien Truong said that during their stay, the group’s representatives held working sessions with a deputy foreign minister, the minister of economic development and investment, and some major businesses in Yerevan, the capital city of Armenia.
He said Vinatex will consider establishing production and business cooperation with big companies in Armenia that already have distribution networks in Russia and the EU. In the initial stage, Vinatex will mainly contribute machinery and production administration.
At the meetings, the Armenian Government expressed its desire to cooperate with major firms with much experience in production management like Vinatex, so as to revive the local garment industry and boost exports.
It also promised to encourage investment, create favourable conditions for foreign investors, and provide special mechanisms for Vietnamese investors through cooperation policies, multilateral and bilateral cooperation agreements, and granting of work visas, Truong added.
According to Vinatex, 94 businesses are operating in the textiles and garment industry of Armenia. The country exported US$50 million and imported $170 million worth of textile and garment products in 2014.
Despite their small scale, Armenian firms have experience in working with big fashion brands of Italy and Germany such as La Perla, Moncler, Armani and Porsche.
