Coats celebrates 25 years in Vietnam and launches new services business
Coats celebrates 25 years in Vietnam and launches new services business
Coats plc, one of the world’s leading industrial thread and consumer textile crafts business, last week celebrated its 25 years of operating in Vietnam by the launch of Coats Global Services in Vietnam.
This dedicated business provides the sewn product industries with expert insights, technical guidance and practical solutions to build efficiencies across the supply chain.
According to Paul Forman, group chief executive, Coats plc, Vietnam was a country of great potential and the company was tremendously proud of the outstanding levels of success and productivity that its business here has already shown.
“Our 25th anniversary is an important corporate milestone and one which could not have been achieved without the close support of, and strong relationship with, our joint venture partner Phong Phu Corporation,” said Forman.
Bill Watson, managing director, Coats Vietnam, said that success was built on strong foundations that are then developed by talented and dedicated people with positive teamwork.
“This is what Coats and Phong Phu Corporation has created here in Vietnam and we look forward to celebrating the next 25 years,” Watson said.
In Vietnam, Coats Global Services will focus on enabling manufacturers and brands to make a step change difference to their operations through a range of productivity improvement tools and processes including lean manufacturing, shop floor training and colour management.
The Vietnam business is vitally important to Coats. It is a major hub in South East Asia for global apparel sourcing and, with the longer term ‘mega trend’ of the growth of the Asian middle class, the wider Asia region is fast moving from being primarily a manufacturing base to also being the world’s largest consumer market.
Vietnam’s business environment further enhances its geographic benefits. The relative low cost, government stability and large, young population make Vietnam a low risk option from which global brands are able to source textile end products.
It is also uniquely positioned in relation to a series of free trade negotiations that are set to dramatically shift the landscape of global trading.
No other country in the world has the potential to access the exponential levels of free trade agreements and competitive liberalisation that could come about from the combination of The Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) and the EU and Vietnam Free Trade Agreement.
These agreements offer benefits from increased exports, the potential for increased inward investment, stronger links to international supply chains, productivity gains as well as momentum for further infrastructure and social development.
Coats Phong Phu produces core apparel and footwear products including flagship thread ranges such as Epic, Astra, Gramax and Gral.
In addition it manufacturers many of Coats’ newest and most innovative products including Eloflex (thread with high extension properties for use in stretch fabrics), Drybond (water resistant, strong and durable anti-wick threads for use in sports equipment) and Nylbond (a bonded nylon thread for footwear and accessory products).
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