Real estate - New penchant for textile & garment industry
17 Jul '07
3 min read
In recent times, many Vietnamese textile and garment enterprises have started investing into new business fields like real estate, financial investment, trade and service.
Thanh Cong Textile and Garment JSC (TCM) located in Ho Chi Minh city invested almost all its capital into real estate. Long An province is the first destination for this with an area of seven ha for building a fiber factory.
In addition, TCM has also purchased Sai Gon at Long An Industrial Zone (IZ) acquiring an area of 250 ha and become the controlling shareholder by owning 70 percent of charter capital of the IZ Infrastructure Investment and Development Company. The organisation also promotes its investment into Commercial center and condominium in the Ho Chi Minh inner city.
"Previously, TCM specialized in apparel products but in the context of integration, we must diversify business lines to enhance competence and minimize risks. Many recent difficulties resulted from scarcity of apparel orders and export contracts to the US have been shared owing to our diversified investments." Dinh Cong Hung, General Director of TCM said.
Hung also revealed that TCM is going to issue new stocks in coming years through auctions at Ho Chi Minh Stock Trading Center (HoSTC). Such issuance aim to mobilizing VND 160 billion or US $10 million to invest into Silico IZ (Long An); pouring more capital into fiber and garment industries.
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