Daya Group of Sri Lanka signed Memorandum of Understanding with Phu My Apparel Company to buy 51 percent stake of the Vietnamese company, official sources informed.
The company is expected to spend about $3 million to $4 million for buying the stake.
It is also planning to invest more capital for improving technology and building a laundry that will increase productivity of Phu My Apparel Company.
Many other Sri Lankan companies are also planning to set up business in Vietnam.
Fibre2fashion.com News Desk-Vietnam
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