A loss-making garment producer - Dai Cat Tuong Garment Co has been taken over by the Vietnam National Textile and Garment Group (Vinatex).
Vinatex which bought the company at an auction at VND39.9 billion plans to restructure it by investing an additional VND50 billion.
Vinatex will refurbish the plant of Dai Cat Tuong and purchase new machineries and when fully operational will create employment opportunities for around 3,000 employees.
Dai Cat Tuong had been incurring heavy losses in the last few years and also affected by the frequent strikes by workers.
Fibre2fashion News Desk - India
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