Newtech, Viettien and Luen Thai signed agreement on action pack for Viet Thai Tech joint venture project featured with Cooltrans Coloration Technologies in Vietnam.
(03 January, 2020) Newtech Textile Singapore Pte. Ltd., Viet Tien Garment Corporation and Luen Thai Overseas Limited signed the Memorandum of Understanding (MoU) and action package on 03 January, 2020 at the headquarters of Viettien Garment Corporation, Ho Chi Minh City, Vietnam for incorporating a joint venture company in Vietnam with Newtech’s Cooltrans coloration technologies. This MoU sets the general terms for the intention of entering into a joint venture for the supply of synthetic fabrics which have been printed with Cooltrans coloration technologies, specializing in woven fabrics for sportswear and leisurewear for high-end international brands as well as domestic premium markets.
The opening remarks of ceremony was delivered by Mr. Vu Duc Giang, Chairman of Viet Tien Group, Chairman of Vietnam Textile and Apparel Association (VITAS). He expressed his confidence of the success of Viet Thai Tech and his expectation to this pioneering company to bring a sustainable and effective development to the textile industry in Vietnam. He also expressed his expectation that Viet Thai Tech would start the production from September 2020.
Followed by Mr. Allen Lai, General Manager of Newtech Shanghai, to speak on behalf of Mr. Kalvin Chung, the Chairman of Newtech Textile Singapore Pte. Ltd., to express his congratulations to this signing ceremony and commitment to uplift the textile industry with Newtech’s innovative and sustainable technologies.
Mr. Chauncey Shey, the Managing Partner of SBCVC, delivered his overview of textile industry from SBCVC’s prospective and shared his investment experiences and philosophy. He also put forth his expectation in working with VITAS to set up a new clean and sustainable textile processing standard in Vietnam.
The MoU was signed after the opening speeches by Mr. Kalvin Chung, the Chairman of Newtech Singapore, Mr. Bui Van Tien, the General Director of Viettien Garment Corporation and Mr. Raymond Tan, the CEO of Luen Thai Group. And witnessed by Mr. Vu Duc Giang, Chairman of Viet Tien Group, Chairman of VITAS, Mr. Le Trung Hai, Vice General Director of Vietnam National Textile and Garment Group (Vinatex) and Mr. Chauncey Shey, Managing Partner of SBCVC..
After the signing ceremony, Mr. Raymond Tan spork as the appointed Chairman of Viet Thai Tech. He expressed his congratulations and stated that Vietnam is the most important textile manufacturing market apart from China and whoever would like to take the lead in this industry must invest in Vietnam and must adopt the latest innovative and sustainable technologies to be successful.
The signing ceremony was rounded off by all appointed Board Directors toasting on the stage.
About Viet Tien Garment Corporation
Viet Tien Garment Corporation is the largest apparel manufacturer in Vietnam with over 35,000 employees in over 20 garments factories has annual capacity of 50 million pieces of shirts, suits, jackets and sportswear.
Viet Tien Garment Corporation also have brand and retail business. Currently has over 1000 retail sale points in Vietnam as well as nearly 20 outlets in Laos and 6 shops in Myanmar.
About Luen Thai Group
Luen Thai is a leader in fashion and lifestyle apparel and accessories manufacturing with over 55,000 employees in 20 production facilities in nine countries.
About Newtech Textile Singapore Pte. Ltd.
A member of Newtech Group committed to the innovation and business development for the joint venture of Newtech Group.
NEWTECH Textile Technology Development (Shanghai) Co., Ltd.
7 January 2020
Mr. Vu Duc Giang, Chairman of Viet Tien Group, Chairman of Vietnam Textile and Apparel Association (VITAS) delivered the opening speech.
Mr. Allen Lai addressed on behalf of Newtech Singapore.
SBCVC Mr. Chauncey Shey addressed.
All appointed Board Directors and toasting on the stage.