PM approves textile major Vinatex's reorganization

10 Dec '05

2 min read

On bagging the huge Ho Chi Minh Order, Vietnam Textile and Garment Group has been congratulated by Deputy Prime Minister Nguyen Tan Dung for this and its continued success over the past 10 years.

The company also announced its new re-organisation scheme in Ha Noi.

Dung also emphasized the need for group to work hard for future, especially in competitive local and foreign markets while acquiring country's textile and garment industry.

Sending a bouquet, President Tran Duc Luong and Prime Minister Phan Van Khai sanctioned reorganization of Vietnam Textile and Garment Corporation (Vimatex) into Vietnam Textile and Garment Group.

Founded in 1995, Vinatex has more than 60 members and associated units, and about 105,000 labourers producing 14,000 tons of cotton, 130,000 tons of fibres, 190 millions sq.m of cloth, 11 tons of knitwear and 200 million pieces of garments every year.

It is expected to earn revenues of VND17.8 trillion from its exports this year, four times more than earned in 1995.

Corporation's clientele spans from over 60 countries and has anticipated achieve a turnover of US $1.2 billion this year, three times higher than 1995.

Vu Duc Thinh, director general of corporation, said that its aim was to be an eminent multi-holder group in Southeast Asia, specifically on textile and garment industry.

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