The plant is a joint venture between PetroVietnam and the Vietnam National Textile and Garment Group (Vinatex).
In August, the plant’s operator PetroVietnam Petrochemical and Textile Fiber (PVTex), PetroVietnam and the Indian partner held a working session to discuss co-operation plans, reaching a compromise about Reliance’s role in the plant.
The factory had earlier been threatened with bankruptcy if foreign investors could not be found to revive the plant’s operations.
As a result, Reliance will provide personnel for maintenance, material supply and sales operations. PetroVietnam has also suggested that Reliance buys PVTex’s stake, but no official information on this has been announced.
For the full story, see the October 2017 edition of Textiles South East Asia. Not a subscriber? Sign up HERE