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Vinatex increases search for strategic partner
11
Jul '13
The Vietnam National Textile and Garment Group (Vinatex), one of the leading garment and textile exporters in the world, has increased its search for a strategic partner.
 
Several investors from foreign countries have expressed their keenness to become a strategic partner with Vinatex, but the company is yet to choose a satisfactory partner, Vinatex deputy general director Le Tien Truong has said.
 
Mr. Truong was speaking at a conference to review January-June 2013 results and targets for 2013, Viet Nam News reported.
 
He informed that the company has completed the necessary procedures for launching an initial public offering (IPO) in the fourth quarter of 2013, and was waiting an approval from the Government.
 
Besides catering to the domestic market, Vinatex exports its garments and textiles to the US, the EU, Japan, South Korea and China.
 
Vinatex has set an export target of US$ 19.5 billion for 2013, which would be an increase of 13.4 percent over last year’s export figures.
 
Meanwhile, Vinatex has started carrying out a feasibility study report to grow cotton in the central province of Quang Tri, in response to the growing demand for cotton in the country’s garment and textile manufacturing sector.
 
Vietnam depends to a great extent on raw material imports for its textile industry, and hence in recent months, experts have suggested that the country should strive at becoming self-sufficient in raw material production. 
 
Vietnam’s garment and textile exports are likely to get a boost once the Trans-Pacific Partnership (TPP) agreement, for which negotiations are currently going on, is concluded.
 

Fibre2fashion News Desk - India

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