Vinatex widens search for new partners

Vinatex widens search for new partners

The Viet Nam National Textile and Garment Group (Vinatex) would launch an initial public offering (IPO) in the fourth quarter of this year, confirmed Deputy General Director Le Tien Truong on Tuesday.

Speaking at a conference to review the results of the first half and targets for the end of this year, Truong said his group had completed procedures for the IPO and was waiting for the Government's approval.

He said many foreign investors wanted to become strategic partners with Vinatex, but they were yet to select a satisfactory candidate.

It reported that Vinatex was approaching its US$19.5 billion export target for this year, an increase of 13.4 per cent compared with last year.

Vinatex, the fifth largest garment and textile exporter in the world, mainly ships products to the US, the EU, Japan, South Korea and China.

Truong said Viet Nam was in negotiations for a Trans-Pacific Partnership, a free trade agreement, among Asia-Pacific countries. When negotiations are completed, the pacts are expected to boost the sector's competitiveness and exports.

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