Itochu pays US$47mn to raise stake in VinatexItochu, Japan’s second-largest trading company, has spent some five billion yen (US$46.9 million) to buy an additional 10 per cent equity in Viet Nam National Textile and Garment Group (Vinatex). Vinatex has invested nearly $200 million to develop facilities for thread and cloth production over the past three years. Earlier, Itochu had acquired roughly 5 per cent stake in Vinatex in its initial public offering in September 2014. The decision to raise its stake in Vinatex reflects Itochu’s desire to make Viet Nam a textile export hub for the European market amidst rising labour costs in China, Nikkei reported. Itochu exports apparel from Viet Nam worth some 60 billion yen per year, half of which is produced by Vinatex.