16:00 | 17/11/2014 Companies
(VEN) - Coats plc, the world’s leading industrial thread and consumer textile crafts business, is celebrating 25 years of operating in Vietnam. The anniversary is being marked by a gala event in Ho Chi Minh City today, attended by over 350 guests, including representatives from both the Vietnam and UK governments, customers and suppliers. The dinner will recognise the highly successful joint venture in Vietnam with Phong Phu Corporation.
The anniversary also marks the launch of Coats Global Services in Vietnam. This dedicated business provides the sewn product industries with expert insights, technical guidance and practical solutions to build efficiencies across the supply chain. In Vietnam, Coats Global Services will focus on enabling manufacturers and brands to make a step change difference to their operations through a range of productivity improvement tools and processes including lean manufacturing, shop floor training and colour management.
The Vietnam business is vitally important to Coats. It is a major hub in South East Asia for global apparel sourcing and, with the longer term ‘mega trend’ of the growth of the Asian middle class, the wider Asia region is fast moving from being primarily a manufacturing base to also being the world’s largest consumer market.
Vietnam’s business environment further enhances its geographic benefits. The relative low cost, government stability and large, young population make Vietnam a low risk option from which global brands are able to source textile end products. It is also uniquely positioned in relation to a series of free trade negotiations that are set to dramatically shift the landscape of global trading. No other country in the world has the potential to access the exponential levels of free trade agreements and competitive liberalisation that could come about from the combination of The Trans-Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) and the EU and Vietnam Free Trade Agreement. These agreements offer benefits from increased exports, the potential for increased inward investment, stronger links to international supply chains, productivity gains as well as momentum for further infrastructure and social development.
Paul Forman, Group Chief Executive, Coats plc, said: ‘Vietnam is a country of great potential and we are tremendously proud of the outstanding levels of success and productivity that our business here has already shown. Our 25th anniversary is an important corporate milestone and one which could not have been achieved without the close support of, and strong relationship with, our joint venture partner Phong Phu Corporation.’
Bill Watson, Managing Director, Coats Vietnam, said: ‘Success is built on strong foundations that are then developed by talented and dedicated people with positive teamwork. This is what Coats and Phong Phu Corporation has created here in Vietnam and we look forward to celebrating the next 25 years. ’
Coats Phong Phu produces core apparel and footwear products including flagship thread ranges such as Epic, Astra, Gramax and Gral. In addition it manufacturers many of Coats’ newest and most innovative products including Eloflex (thread with high extension properties for use in stretch fabrics), Drybond (water resistant, strong and durable anti-wick threads for use in sports equipment) and Nylbond (a bonded nylon thread for footwear and accessory products).
The MC for the gala evening on Thursday 13 November will be Vietnamese celebrity Quynh Huong and there will be a performance by the famous Vietnamese singer Thu Minh.
Earlier this year, in October, Coats celebrated another corporate milestone in the region when it marked the 25th anniversary of its highly successful joint venture with AK Khan Group in Bangladesh./.