VIETNAM: $194m Luxfashion Forced to Halt Operations
The manufacturer is a $194m joint venture between Hong Kong Golden Principal Investment, Canadian businessperson Ahmed El Fedhi, Lifepro Vietnam Company and local International Investment Trade and Service Group (Interserco).
It has been set up to make men’s, women’s and children’s wear for export to major markets in Europe and North America, and is equipped to carry out knitting, dyeing, sewing, cutting, ironing, special effects, washing, embroidery, screen printing and finishing.
It exported just one shipment to the EU before being forced to stop its operations, according to the local government in Ninh Binh province where it is located.
Reports say all foreign managers and experts have left Vietnam, and that the plant has borrowings of VND3,000bn (US $150m) from a local bank.
