On July 18, in Hanoi, Vietnam National Industry - Energy Group (Petrovietnam) held a signing ceremony for the Principal Agreement for product consumption between Vietnam Chemical and Fiber Joint Stock Company (VNPOLY) and member units of Vietnam Textile and Garment Group (VINATEX) and Petrochemical and Gas Services Corporation (PVCHEM).
The signing of the Consumption Principles Contract between units is a strategic step to create sustainability in the "chemical - fiber - textile - textile" supply chain, aiming to proactively source domestic raw materials, increase added value and increase competitiveness for all parties, contributing to the sustainable development of Vietnam's textile and chemical industry.
According to Mr. Tran Huy Thu - General Director of VNPOLY, based on the existing capacity and experience of each side, the parties agreed to sign a Principal Contract on the consumption of PSF fiber products produced by VNPOLY. VNPOLY coordinated with VINATEX to select 1-2 post-tests of VNPOLY's product pulling, weaving, and dyeing plants to evaluate product quality to ensure quality before providing it to customers consuming PSF fiber; Commit to preferential policies to support customers in testing in accordance with market prices.
Speaking at the signing ceremony, Chairman of the Board of Members (BOD) of Petrovietnam Le Manh Hung highly appreciated the spirit of cooperation and efforts between the units of the two groups, contributing to enhancing the value chain of the Vietnamese textile and garment industry.
Research data shows that our country's demand for PSF fiber is about 492,000 tons/year, most of which is imported. Meanwhile, textile and garment products exported to the US market account for 20% of the country's total export output.
Therefore, localizing raw materials for the Vietnamese textile and garment industry is urgent, especially when the US is applying tariff policies for imported textile and garment products. The cooperation between VNPOLY and VINATEX's affiliated units is to jointly improve the competitiveness of parties in the domestic and international markets.
Mr. Le Manh Hung emphasized that this is an important milestone, affirming the determination to put Polyester Dinh Vu Fiber Factory back into operation in accordance with the direction of the Politburo and the Prime Minister, and at the same time demonstrating the solidarity and companionship between the two major economic groups of the country - the National Industrial - Energy Group of Vietnam and the Vietnam Textile and Garment Group.
VINATEX Board of Directors (BOD) Chairman Le Tien Truong affirmed that 12 VINATEX enterprises attended the signing ceremony for practical benefits, substantial and long-term cooperation.
Mr. Truong said that the actual demand for PSF fiber in Vietnam has increased much compared to before, the trend of increasing the use of PSF fiber has also increased. VINATEX enterprises are in great need of VNPOLY's PSF fiber supply, to ensure the requirements for the origin of goods to major markets such as the United States and Europe.
Also at the signing ceremony, PVCHEM signed a cooperation agreement with VNPOLY. Accordingly, the two units will cooperate comprehensively and long-term on the basis of promoting the strengths of each side as leading enterprises in the fields of chemicals, petrochemicals, production and trading of recycled plastic products (PET chips), fiber products; coordinate to cooperate and provide products and services for the production and business activities of the party in need.
PVChem and VNPOLY agreed to strengthen cooperation in the entire production and business chain of the two units, exchange and share information to implement cooperation opportunities and provide products and services between the parties.
