In a move that creates sourcing flexibility for apparel brands and retailers, Billion Rise, the vertically integrated apparel and textile company, said it has opened a new “high-tech factory” in Thanh Hoa, Vietnam.
The Hong Kong-based company said the decision to open the facility was to “better serve and support increasing interest among apparel brands seeking greater geographic diversification with their sourcing needs.”
The opening also coincides with the Vietnam-EU Free Trade Agreement, which the company said provides opportunities to increase trade “by eliminating 99 percent of tariffs, reducing regulatory barriers and opening services and public procurement markets, while supporting jobs and economic growth on both sides.”
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Steven Moore, global sales director at Billion Rise, said the agreement creates new opportunities for EU and U.K.-based brands to source apparel from Vietnam using fabrics and other materials that are made locally. “With our new factory, we can now better support brands looking to build more integrated value chains in Vietnam while expanding our business across these important markets,” Moore added.
The company said the factory is backed by a $100 million investment and is being developed in three phases. The facility is approximately 320,000 square meters and is expected to have an annual production capacity of up to 100 million meters. Billion Rise said the first phase one is complete and is about 110,000 square meters.
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