Vinatex Equitization to Be Sewn up Completely in 2008

Deputy Prime Minister Nguyen Sinh Hung has just agreed with the Viet Nam National Textile and Garment Group (Vinatex) to seek an international consultant to assist in the proper equitization of the group in 2008.  

Working with the head of Vinatex, Deputy PM Hung said the company’s development target was deliberately set and now it must take appropriate measures in restructuring the group with sustainable and proper development strategies.
 
“All points, strong and weak, that have affected Vinatex’s growth rate, must be examined, as well as the general business operations and production of the national industry, by Vinatex and Vitax (Viet Nam Textile and Garment Association,” declared Deputy PM Hung.
 
“Based on the review’s results, production should be immediately restructured and the managing of the business improved to meet developmental standards in the context of international economic integration,” he added.
 
The Deputy Prime Minister asked the Municipal People’s Committees of Ha Noi, Da Nang and Ho Chi Minh City to apportion land for Vinatex to build three centers for raw materials and accessory supplies.
 
In return, Vinatex has to play a key role in promptly developing a production industry for textile-garment accessories and commencing the production of fabric for exportable clothing.  
 
The fabric project is expected to produce one billion meters of fabric between 2006-2010, of which half will be for export and the rest to be distributed amongst its contributing members.
 
Vitas president Le Quoc An said Vinatex aims to become a leading conglomerate in Asia by creating a competitive production scale and product line. Making Vinatex an international trade name is one of the decisive factors in successfully carrying out its set targets.
 
Vinatex has three parent-subsidiaries, which are Phong Phu Textile Co., Ha Noi Textile Co. and Viet Tien Garment Co., seven State-owned sole proprietorship limited liability companies and 40 joint-stock companies.
 
Its exportation yield will account for over 20 percent of the country’s total textile-garment export sales.

Source: VNNet – Translated by Yen Chuong

Other news