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'Vinatex' out of privatization drive
09
Mar '09
The Vietnamese Prime Minister Nguyen Tan Dung has currently decided to remove name of Vietnam Textile & Apparel Group 'Vinatex' for the time being, from the list of state owned companies, short-listed for privatization in 2009.

This list includes the biggest public sector companies in various sectors including Telecommunication, Ship Building, Insurance and Tourism. Vinatex is among the top four state owned companies in Vietnam.

The key reason put forward by the Premier in eliminating the name of Vinatex from the list is to help the group focus on its competitive fundamentals like production and operations in this very distressing year.

According to the Vietnam Inspection Agency, it has investigated and found out a lot of anomalies in operations of state-owned enterprises, leading to huge loss of profits for the government which has invested funds in those companies.

Fibre2fashion News Desk - Vietnam

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