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Vinatex to launch IPO this month
05
Jul '14
Ms. Ho Thi Kim Thoa speaking at Roadshow/c: Vinatex
Ms. Ho Thi Kim Thoa speaking at Roadshow/c: Vinatex
The Vietnam National Textile and Garment Group (Vinatex) is scheduled to launch an initial public offering (IPO) this month.
 
As per the approved plan, nearly 122 million out of the 500 million shares, with a face value of 10,000 dong (US$ 0.47) will be offered to the public through the Ho Chi Minh Stock Exchange on July 22.
 
In addition, about 3 million shares would be sold to employees of Vinatex, while another 120 million shares would be offered to strategic partners of the company. Post-IPO, the Vietnamese Government would retain a 5 trillion dong or 51 percent share in the company.
 
Addressing a workshop aimed at making the IPO a success, Vietnam’s Deputy Minister of Industry and Trade Ho Thi Kim Thoa said the country’s textile industry has grown steadily at over 10 percent an annum in the last ten years. She said the Vietnam’s textile and apparel exports have grown from $5 billion in 2006 to $20.4 billion last year.
 
Ms. Thoa said the textile and clothing sector provides direct employment to about 2.4 million people and another 2 million people get indirect jobs.
 
Vinatex, which is soon to operate under market mechanisms, has accumulated much experience and has proved very positive and professional. The company also has technical resources and operates in complete value chain from cotton to yarn, textile and garments, the Deputy Minister said.
 
Vinatex also has qualified human resources to meet quality standards and to create value-added products, she added.
 
Le Dang Doanh, an expert on the Vietnamese textile and garment sector, said Vietnam could sign a free trade agreement (FTA) with the European Union this year, which would provide many advantages for Vietnam’s export products, especially textiles.
 
Besides, Vietnam will also be signing other agreements like the Trans-Pacific Partnership (TPP), and an FTA with the Customs Union of Russia, Belarus and Kazakhstan. Hence, buying shares of Vinatex would be advantageous for investors, Doanh added.
 
In 2013, Vinatex’s export turnover reached $2.9 billion, and the company is striving to achieve export turnover of $5 billion by 2020.
 

Fibre2fashion News Desk - India


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