The Vietnamese Government has taken a decision in principle and approved the privatization of Vinatex Fashion Trading Company (Vinatex Mart), one of the biggest fashion houses in the country.
According to an official of the company, this privatization will pave favorable conditions for the company to increase its domestic network as well as expand its existing fashion products range in a better manner.
Vinatex Mart, is a subsidiary of the state–owned Vinatex group, which is also the biggest textile company in Vietnam. This process will also culminate in privatization of the parent company Vinatex group at a later date.
Vinatex group is trying to gain market share in the domestic markets, which is currently dominated by foreign brands from China and Thailand, in a bid to tide over the crisis which has come about in its key overseas markets.
Fibre2fashion News Desk - Vietnam
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