Lectra, the world leader in integrated technology solutions dedicated to industries using fabrics, leather, technical textiles and composite materials, has opened a subsidiary in Vietnam.
Lectra Vietnam will take over LSC's team and assets, and continues the company's development plans in Asia.
"Thanks to 5.5% growth in the first quarter of 2016, Vietnam is one of Southeast Asia'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," declares Daniel Harari, Lectra CEO.
"Lectra Vietnam's objective is to help Vietnamese companies implement Lectra's technologies that have demonstrated their worth in Asia and across the globe, and to accompany locally established foreign groups in the country. This opening will boost Lectra's expansion in Southeast Asia and reinforce synergy in sales with the company's other subsidiaries in the region," explains Yves Delhaye, managing director Asean, Autralia, South Korea, India.
The apparel industry is especially vibrant in Vietnam. Clothing exports reached $21 billion in 2014 and should grow by 8%, attaining $29.5 billion in 2016, nearly a third from local actors. 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.