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Israel’s textile firm Delta Galil to raise Vietnam investment to $100 mln

Published on 16.08.24

Delta Galil Industries, an Israeli textile firm, will raise its investment in Vietnam’s central province of Binh Dinh from $64.6 million to $100 million.

The firm made the commitment during a Friday visit conducted by Minister of Industry and Trade Nguyen Hong Dien to the factory. The facility, located in the Cat Trinh Industrial Zone, currently has an annual output of 15.93 million square meters of fabric.

Minister of Industry and Trade Nguyen Hong Dien (fourth, left) and Delta Galil Vietnam CEO Gavin De Silva (third, left) during a factory visit in Binh Dinh province, central Vietnam, August 9, 2024. Photo courtesy of Binh Dinh news portal.
Minister of Industry and Trade Nguyen Hong Dien (fourth, left) and Delta Galil Vietnam CEO Gavin De Silva (third, left) during a factory visit in Binh Dinh province, central Vietnam, August 9, 2024. Photo courtesy of Binh Dinh news portal.

All of the products are exported to the Netherlands, the United States, China, Canada, South Korea, Malaysia, India, and others, said Delta Galil Vietnam CEO Gavin De Silva.

The firm entered operation in November 2016 and now employs 3,600 people with an average monthly income of VND5.9 million ($235).

In the first seven months of this year, the firm posted a revenue of VND1,354 billion ($53.9 million) and paid VND26.8 billion ($1.1 million) to the state budget.

At the event, Delta Galil proposed the ministry establish a unit for issuing certificates of origin (C/O) for export products in Binh Dinh province. Currently, the firm has to apply for C/O in Danang or Ho Chi Minh City, which is costly, said the CEO.

Minister Dien called on the firm and Cat Trinh Industrial Zone to focus more on wastewater treatment and utilization of solar power in order to meet export markets’ requests for green production.

Vietnam’s total exports rose 15.7% year-on-year in January-July 2024 to $226.98 billion, up 14.5% from January-June, according to the General Statistics Office (GSO). Apparel was among the biggest cash earners in the period with $19.87 billion, up 4.2% year-on-year.

Source: The Investor
10/08/2024

 
 

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