Savimex Opens Plank Plant to Serve Woodwork Exports to US, EU
Listed furniture and real estate firm Savimex Corp Jul 17 inaugurated a plank factory in Thu Duc district which will serve the company’s wooden product export to the US and EU, the biggest woodwork importers of Vietnam.
Le Minh Trang, Savimex general director, said the company had won a contract to supply at least 10 containers of plank products a month to New Jersey-based Acorn USA Holdings LLc in 2007.
The company’s total export of plank products to US and EU markets amounts to 100 containers a month.
But Trang did not reveal total investment for the factory, saying that it is part of the company’s business expansion plan costing VND250 billion (US$15.6 million) in 2007.
Trang said Savimex expected export revenue of at least US$3 million a year for the new products.
The company will also supply these products to local customers who buy plank for new serviced apartments under construction in cities around the country.
“The company will give priorities to modernizing its production lines and equipping them with advanced technologies,” Trang stressed.
Last year, Savimex gained total revenue over VND374 billion and expects to increase the figure to VND415 billion in 2007.
The company targeted annual export revenue of US$40 million by 2010. (VNS)
Vietnamese
