HanesBrands Vietnam to raise investment capital
HanesBrands Vietnam to raise investment capital
HanesBrands, the US’ manufacturer and marketer of everyday apparel essentials, aims to raise its total investment in Vietnam to nearly $55 million by the end of 2015, increasing its 2014 figure by $11 million.
This marks Vietnam as a critical investment destination on the group’s worldwide manufacturing map. Last year, the company moved its men’s boxers production from Costa Rica to Vietnam in order to cut costs. Founded in 2007, HanesBrands Vietnam produces and exports apparel to critical markets, including the US, Canada, Japan, and China. The company has three plants in Khoai Chau and Kim Dong districts in the northern province of Hung Yen and Phu Bai town in the central province of Thua Thien-Hue. HanesBrands Vietnam’s annual capacity reached 475 million units, accounting for 20 per cent of the group’s total production.
HanesBrands Vietnam is the largest consumer of US yarn in Southeast Asia, with over $1 billion of US yarn consumed via its sewing plants. The company is now generating jobs for over 11,000 local employees, and has become one of the largest US employers in Vietnam. HanesBrands Vietnam has seen continuous growth in exports during its eight years of operation here. In 2014, with the inauguration of its third plant in Kim Dong, the company’s total exports surged to $334 million, and the figure is expected to reach $355 million in 2015.
“We are going to introduce more complex garments and innovative technologies in Vietnam in the upcoming years, especially as Vietnam is standing on the verge of the Trans-Pacific Partnership,” said Ajay Godbole, director of Operations for Asia.
