Vietnam Textile and Apparel Group, (Vinatex), is planning to develop five major fields, to establish itself as a multi–trading group, since the government has withdrawn its support to the industry.
Le Quoc An, President, explained that this move by the government has forced textile and garment firms to stand all be themselves.
This Vinatex expansion proposal was approved by Prime Minister last week, accelerating the company's plans.
Of the five fields, the most important and base one is manufacturing and trading textile and apparel products of high-quality, followed by trading activities where developing retail systems for both local and oversea markets.
In order to raise as well guarantee capital sources for development in the coming time, the third base includes plan to initiate financial business, where Vinatex is to establish and operate an investing firm.
Fourth field is allocated to infrastructure development and business, where the group will construct and expand three specialized industrial parks so as to attract foreign investment.
The last one is to develop trading and consultancy services.
To implement this plan, Vinatex will need at least about $10 billion, by 2010.
Fibre2fashion, News Desk - Vietnam
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