Home / Knowledge / News / Textiles / Vinatex holds first shareholders' meeting
Vinatex holds first shareholders' meeting
13
Jan '15
The Vietnam National Textile and Garment Group (Vinatex) held its first shareholders’ meeting last week in Hanoi city.
 
This was the first meeting after the company successfully issued its initial public offering (IPO) in September last year, when more than 90 per cent of shares were bought by investors, with nearly half of them being purchased by foreign investors.
 
The meeting appointed a seven-member Board of Directors, who elected Tran Quang Nghi as the chairman and appointed Le Tien Truong as CEO of the Group.
 
The meeting also elected a five-member Supervisory Board, which subsequently elected Ms Nguyen Thi Minh Hien as its head.
 
At the meeting, Bui Xuan Khu, former deputy minister of industry and trade urged shareholders to positively contribute for the growth of the company; helping it break-out from the old method of working as a state corporation, and develop at a greater speed.
 
Deputy minister of industry and commerce Ho Thi Kim Thoa said the success of Vinatex’s IPO and gaining consensus in the first shareholders’ meeting demonstrate that investors are interested in future long-term profit and development of the company, and are not looking at earning immediate profit.
 
She said that her ministry will continue to support Vinatex in its strive towards exceeding revenue targets and earning higher profit margins.
 
Vinatex has made a paradigm shift at a time when the Vietnamese textile industry is presented with opportunities to grow in leaps and bounds. While Vietnam has recently entered into free trade agreements with Korea and the Customs Union of Russia, Belarus and Kazakhstan, negotiations for the 12-member trans-pacific partnership (TPP) are in active phase.
 
In 2014, Vinatex continued strong growth and its sales reached 51 trillion dong, showing an increase of 13 per cent compared to 2013. For the current year, Vinatex has set a target to achieve revenue growth of at least 12 per cent. The company already has enough orders to last for the first half of this year. (RKS)
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 30th Apr 2017

Government revamping tech mission on cotton

Indian Government is working to revamp the technology mission on...

Apparel/Garments | On 30th Apr 2017

Columbia Sportswear records Q1 net sales of $543.8 mn

Columbia Sportswear Company has announced record net sales of $543.8...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X