Last updated: 17:38 - June 17, 2006
State garment firm to equitise affiliates http://www.nhandan.com.vn/english/business/170606/business_st.htm
Vietnam's state textile and garment giant Vinatex will equitise 13 wholly-State-owned subsidiaries by next year, its chairman said.
Speaking to the press Friday, Le Quoc An said six would be equitised this year, and the rest in 2007. Vinatex itself would be equitised in 2008.
Vietnam's textile exports grossed US $2 billion in the first five months, with Vinatex accounting for more than 20%.
Going public would not only open up channels for mobilizing capital but also push the companies into becoming more efficient.
Vinatex also has varying degrees of ownership of several joint-stock companies and An said several of them would be listed on the stock market this year. These included well-known names like Nha Be Garment Company, Garment Company No 10, Duc Giang Garment Company and Viet Tien Garment Company.
The group was looking to raise VND10 trillion (US$625 million) for a master development plan by 2010.
The government too wanted the group to go public and tie up with foreign partners to raise more funds for expansion. (Thanh Nien)
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