Vietnam Top Apparel Maker Plans US$6.25 Mln Domestic Expansion
Vietnam's leading apparel maker of Viet Tien is planning to invest VND100 billion (US$6.25 million) to expand its production from now to 2009 in a bid to keep retain its top position in apparel exports, Dau Tu newspaper reported on November 19.
Viet Tien will spend VND60 billion to build 20 hectares of workplace in Hooc Mon district of Ho Chi Minh City to move its four factories from urban areas.
The state run apparel maker will contribute VND12 billion to establishment of an Investment Joint Stock Company Vinatex to develop apparel projects in northern Nam Dinh province.
Viet Tien will use the remaining fund to promote sales via internet and to develop several minor projects.
Between July and September, Viet Tien sold four million shares at average price of VND36,618 each, 83.1 per cent higher than initial price, raised VND147.5 billion (US$9.2 million) in a plan to list on the country's stock exchange.
Viet Tien has reportedly taken the lead of more than 2,000 apparel businesses for four consecutive years with domestic sales of VND1.7 trillion (US$106 million) and US$153 million export earnings. (Investment)
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