Vietnam National Textile & Garments Ltd (Vinatex) is setting up a joint venture in Hong Kong as an outpost to lure textile manufacturers from China to invest in Vietnam. VinatexHK, half financed by the state-owned Vietnamese Vinatex and half by a local garment firm Goldsmart, seeks to provide one-stop services for investors who want to produce garments in Vietnam. Speaking after the launch, Luke Wang, deputy managing-director of VinatexHK, said the HK$200,000 joint venture would offer textile manufacturers a channel to enter Vietnam and enjoy its benefits. 'The joint venture will not only serve as a bridge between buyers overseas and manufacturers,' he said. 'It will also provide immense opportunities for investors in Hong Kong.' He said among other Southeast Asian countries Vietnam's workforce was more disciplined, and the concentration of ethnic Chinese workers meant communication between manufacturers and workers could be better maintained, thus improving product quality. Le Huy Con, Deputy Minister of Industry of the Vietnamese Government who officiated at the launch, said Vietnam had a competitive advantage in textile production. The Vietnamese deputy minister said labour costs in Hanoi were relatively low, and manufacturers could export a 'large quantity' of garments to major markets such as the United States and Europe. Mr Le said this was the first major joint-venture textile industry investment overseas by the Vietnamese Government. Xuan Khu, chief executive of VinatexHK, said Hong Kong was a centre for garment trading and both Vietnam and the SAR would benefit from the business.