Crystal Elegance Textiles Vietnam Company Limited (Vietnam)

The subject engages in the manufacturing, weaving, and dyeing of fabrics used to sew sports shoes, diving suits, sportswear, gloves, hats, and bags for famous brands (Uniqlo, Adidas, Nike, Puma, A&F). It has received ISO 9001 quality management system, ISO 14001 environmental management system, ISO 45001 occupational health and safety management system. Machines, equipment and materials are imported from Taiwan, China, Japan, Thailand, Bangladesh...to serve production. The subject exports products to Thailand, Indonesia, Cambodia, Hong Kong, China... According to Crystal International Group Limited's annual report 2021, the Group is considered the ultimate parent company of the subject. Crystal International Group Limited has operations in China, Bangladesh, Cambodia, Sri Lanka, Singapore, Hong Kong, Macau, Vietnam, and its export markets are USA, UK, EU countries, and Japan. On 23 Aug 2021, the Group conditionally agreed to acquire and Green Sustainability and Full Impact conditionally agreed to sell 63% and 37%, respectively of equity interest in Pine Wood Industries Limited (direct parent company of the subject). Pine Wood Industries Limited is an investment holding company that owns a fabric mill in Vietnam. The cash consideration of the acquisition was USD 30.8 million. This acquisition was completed on 30 Sep 2021. Regarding the current situation of Vietnam's textile and garment industry, at the conference "Summary of Vietnam Textile and Apparel Association 2023", Mr. Vu Duc Giang, Chairman of Vietnam Textile and Apparel Association (Vitas), said that the textile and garment industry basically have had certain success, with export turnover reaching USD 40.3 billion in 2023. With lessons learned in 2023, by 2024 Vietnam's textile and garment industry strives to achieve an export turnover of USD 44 billion. However, the challenge for textiles and garments in 2024 is still huge when major importers all have more stringent sustainable and environmentally friendly mechanisms. On the other hand, world economic growth in the next 2 years depends on many factors, of which the focus is the conflict in the Middle East and the inflation control policies of some countries. Therefore, textile and garment enterprises need to have the necessary policies to adapt to new requirements.