Vinatex to invest billions in production, infrastructure
Vinatex to invest billions in production, infrastructure
The Viet Nam National Textile and Garment Group (Vinatex) will spend VND9.4 trillion (US$4.4 billion) on textile and garment, weaving and dyeing and infrastructure projects in the 2015-17 period.
General Director of Vinatex Lê Tiến Trường told baodautu.vn that about 60 per cent of the capital will be poured into weaving, dyeing and infrastructure projects to lure other businesses.
In 2015, nearly VND2,425 billion ($113.8 million) will be disbursed for the above-mentioned projects.
Vinatex has equitised its operations from January 1 this year. The parent company will take on the role of a direct investor to increase production capacity -- especially self-reliance in material production in a move to reduce dependence on imports -- rather than manage State-owned capital at its member companies, as it did before equitisation.
The group has set a target for its parent company to earn VND900 billion ($42.25 million) in revenue, and an after-tax profit of VND288.4 billion ($135.39 million) in 2015; VND2,299 billion (107.9 million) and VND342.3 billion ($16 million) in 2016; and VND3,256 billion ($152.8 million) and VND405.9 billion ($19 million) in 2017 respectively.
