Lectra, an industry-leading technology company based in Paris, France involved in integrated technology solutions for the textile, home interior, technical textiles and composite materials, announced the opening of its new subsidiary Lectra Vietnam in Ho Chi Minh City on July 1, 2016.
Lectra has been present in Vietnam for over 20 years and represented by its agent Ly Sinh Cong Trading Service Company (LSC) for the past twelve years. The new subsidiary will take over LSCâ€™s team and financial assets.
With the opening of the Vietnam subsidiary, Lectra is continuing its development plans in Asia. Daniel Harari, Lectra CEO, thanking the 5.5% growth in the first quarter of 2016, said that Vietnam is one of Southeast Asiaâ€™s most dynamic economies. It is a top choice for manufacturers who focus on production costs and brands seeking to diversify supplies. The transpacific agreement signed in February 2016 will reinforce the attractiveness of the country, where Lectra has many customers, including very large Asian companies.
The presence of a directly owned subsidiary will assist Vietnamese companies in implementing Lectraâ€™s technologies.
This opening of its unit will boost Lectraâ€™s expansion in Southeast Asia and reinforce synergy in sales with the companyâ€™s other subsidiaries in the region,â€ said Yves Delhaye, Managing Director Asean, Autralia, South Korea, India.
Several of their Chinese and South Korean apparel customers manufacture a portion of their production in Vietnam.
The apparel industry is especially vibrant in Vietnam. Clothing exports from Vietnam reached $21 billion in 2014 and should grow by 8%, attaining $29.5 billion in 2016, nearly a third from local players, according to the French company. Of the 6,000 textile and apparel companies, a large number are owned by Chinese, Hong Kong, South Korean, Japanese and Taiwanese companies operating out of Vietnam to take advantage of lower manufacturing costs.
Based in Ho Chi Minh City, Lectra Vietnam was licensed in May 2016, while the parent group has been actually present in Vietnam for 20 years.
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