A strategic cooperation agreement was signed regarding the purchase of polyester fibre produced by Dinh Vu PetroVietnam Petrochemical and Textile Fibre JSC (PVTEX) was signed by Petrovietnam oil and gas group (PVN) and Vietnam National Textile and Garment Group (Vinatex). After over a year of commercial operation Dinh Vu Polyester plant, they signed this agreement.

Vinatex committed to purchasing as much fibre products as possible from Dinh Vu PVTEX and also to use no less than 50 per cent of that purchased in its production. Meanwhile, PVN would direct Dinh Vu PVTEX to provide polyester fibre products of good quality and competitive prices for Vinatex. Besides, as per the agreement when Vinatex uses polyester fibre products of Dinh Vu PVTEX as inputs for export production lines, they would would work closely in the development of markets.

Its products have been domestically and internationally credible so far and the quality too has improved to be on par with imported goods. PVN said that now, the background was stable for close and comprehensive relation between the two groups in various fields such as polyester provision, export market extension cooperation, staff training and product evaluation. Also, they could work closely on other aspects for the mutual benefit and enhancement of trademark value for both.

With this cooperation, the product competitiveness would increase, as well as the market extension for Vinatex enterprises. However, besides this, the cooperation would also help Vietnam garment trademark promotion and wouldincrease domestic rate of textile industry to 60 per cent.