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| Dang Trieu Hoa, President and General Director, Century Synthetic Fiber Corporation |
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In a recent exclusive interview with Century Synthetic Fiber Corporation (Century Corp), Dang Trieu Hoa, President and General Director explained how the enterprise weather the current global economic slowdown.
Situated in Ho Chi Minh city, Century Corp, otherwise known as the Ky Yarn Company, focuses on the manufacture of quality polyester draw textured yarn (DTY) and polyester partially oriented yarn (POY) to serve the local market that remains heavily dependent on imported yarn supplies. The privately owned company meets the accelerating domestic demand in recent years and has seen fast growths.
Factory floor of Century Synthetic Fiber Corporation |
First set up in 2000 with about 80 workers, the company had a registered capital of VND91.5 billion by July 2007 with three investment phases and is equipped with advanced technologies and equipment of Oerlikon Barmag from Germany.
Century Corp currently has an annual production capacity of 14,500 tones of polyester POY and 14,500 tones of polyester DTY.
Advanced machinery is used at Century Corp to ensure high quality and consistency |
It provides yarns to textile and garment enterprises such as Formosa Taffeta Vietnam, VN Tiong Liong and Promax Textile, which are in turn fabric suppliers of Nike, Decathlon, Columbia and more. Yarns of Century Corp were recognized for its quality at home with national awards: Top Trade Services Award 2008, Top 100 leading Vietnamese Brand and Medal for Consumer Protection.
Compared to its fellow companies in the region experiencing negative growths, Century Corp was able to keep expanding amid the current economic slowdown. In the first six months this year, the company witnessed a 45.9% increase in revenue to VND 194.037 billion (or US$10.9 million). The local demand is big and many textile enterprises in Vietnam rely on the yarn supply of Century Corp because of the good yarn quality at a reasonable price.
ATA: Why did Century Corp decide to invest into the development of polyester filament? How much has your company invested into the business?
Mr Dang: For the last ten years, textile and apparel is one of the key industries of Vietnam, being one of the largest foreign currency earning industry.
The environment for investment and business here offers a number of favorable conditions where the textile and apparel industry can benefit from.
As the scale of the textile and apparel industry has been increasing sharply in these years, there is a strong and rising demand for the materials, of which polyester filament is a major one.
Up to now, our current plant has been invested with US$17.5 million. We are now carrying out an expansion project with a plant that has capacity of 1.5 times more than the current plant. Thus, we planned to pour in additional US$19 million in 2010 and further US$13 million in 2011 to expand the plant and capacity. The expansion plan to increase production capacity is made as an increasing demand for our current products is expected in near future.
ATA: Being one of the two major producers of polyester filament yarn in Vietnam, what are the competitive edges of the yarn in the country?
Mr Dang: There are more than two polyester filament yarn makers, but there are two major (Note: the other major one is located in Tay Ninh province); Century Synthetic Fiber Corporation is one of these, which possesses sufficient advanced technology to produce the high-quality products.
Our main products are polyester textured yarn of international quality. Our special strength lies in the fiber supply for high quality machines to manufacture knitted and woven fabrics, accessories and footwear under the orders of multinational companies such as Nike, Adidas, Columbia, Ikea, Reebok, Guess and Decathlon. Finished products (of clients) include felted fabrics, microfiber cloth, cotton trousers and cotton shirt vest.
ATA: Could you tell us how and what strategies are the company implementing to overcome such hard time and move toward success?
Mr Dang: Crisis offers a good chance for enterprises to review themselves, especially areas for improvement to achieve sustained development.
At Century Synthetic Fiber Corporation, we focus on promoting our internal ability. For instance, we restlessly enhance our way of thinking and doing to reduce costs, increase operation efficiency and product quality. In such difficult times, bettering the competitiveness is a “must-do” and our obligation.
ATA: In your opinion, how will Vietnamese textile and apparel industry develop?
Mr Dang: There is bright outlook for the Vietnamese textile and apparel industry, including a bigger exporting market as it is gaining shares in the world market (with its lower production costs). If we execute comprehensive investment policies in sectors of materials, dyeing and completing, we will enjoy more added value in each of our products for exports.
(A full version will be published in ATA Journal Oct/Nov issue 2009.)
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