Lectra, a provider of integrated technology solutions to industries using fabrics, leather, technical textiles and composite materials set up a subsidiary in Vietnam. The new subsidiary took over the team and assets of Ly Sinh Cong Trading Service Company (LSC), Lectra’s agent in Vietnam for the past twelve years. “Vietnam is one of Southeast Asia’s most dynamic economies growing at 5.5 per cent in the first quarter of 2016, which makes it a top choice for manufacturers who focus on production costs,” Lectra CEO Daniel Harari said. “The transpacific agreement signed in February 2016 will reinforce the attractiveness of the country, where Lectra has many customers, including very large Asian companies,” Harari observed. Lectra Vietnam’s objective is to help Vietnamese companies implement Lectra’s technologies 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,” Yves Delhaye, MD of ASEAN, Australia, South Korea and India said. According to Lectra, Vietnamese clothing exports reached $21 billion in 2014 and should grow by 8 per cent to reach $29.5 billion in 2016, nearly a third coming from local companies.
