Vinatex to sell 24% stake to strategic investors Le Hoang By Le Hoang - The Saigon Times Daily HCMC - Vietnam National Textile and Garment Group (Vinatex) will sell 24% of its chartered capital to strategic investors as part of its equitization plan approved by the Prime Minister. According to the plan, Vinatex has chartered capital of VND5 trillion equivalent to 500 million shares and 24% of the chartered capital, or 120 million shares will be reserved for strategic investors. The company plans nearly 122 million shares (24.4%) for an initial public offering (IPO). The Prime Minister has ordered the Ministry of Industry and Trade, which represent the State stake at Vinatex, to decide the share prices and the stock exchange for the IPO and criteria for selecting strategic investors. Vinatex chairman Vu Duc Giang told the Daily that the group was in talks with some foreign investors in order to select the right partners. The selected investors must operate in the same sector, be … [Read more...] about Vinatex to sell 24% stake to strategic investors
Strategic group map
Prime Minister Phan Van Khai proposes road map for development triangle
Prime Minister Phan Van Khai has proposed a road map for the building of a development triangle among Vietnam, Laos and Cambodia, at the three-nation summit in Seam Reap on Wednesday. Addressing the meeting, the PM Phan Van Khai said the process of establishing such a triangle should give priority to developing infrastructure, electricity network, border gate economic zones, promoting cooperation in human resources training, defining measures to mobilise capital for agreed development projects, and building as soon as possible a mechanism for trilateral coordination. The Vietnamese PM stressed the strategic importance of the development triangle with regard to politics, economics, society and bio-environment. However, the area currently is still under-developed, thus the three countries need to cooperate closely to lift the triangle out of poverty, bringing into play the strong points of each country. He highly valued the work of a three-nation working group in mapping out a … [Read more...] about Prime Minister Phan Van Khai proposes road map for development triangle
VinaCapital buys 10% share from Thai Hoa coffee production group
CPV: By holding 10% share from Thai Hoa coffee production group, VinaCapital will assist the Group, specalising in coffee production and export, in capital, relationships and partnerships in order to improve the group's financial management capacity, develop its trademark and promote its products via a cooperation agreement signed in Hanoi on November 16. "Thai Hoa Group has the fundamentals for strategic development. I believe that Thai Hoa will soon become Vietnam's largest coffee firms with sustainable developing strategy from the material area to the value goods production," said Mr Brook Taylor, managing director of VinaCapital Group. He said VinaCapital believed the group continued to be a leading firm in Vietnam's coffee industry with its solid development and investment strategy, from planning materials areas to producing coffee with high added value. The Thai Hoa group, with two main products - coffee and rubber - has a charter capital of 550 billion VND and ranks third … [Read more...] about VinaCapital buys 10% share from Thai Hoa coffee production group
Group model helps promote textile and garment sector
As a multi-sector economic group operating in garment and textile fashion and import-export activities, the Vietnam Textile and Garment Group has many favourable conditions and great potential to further develop. The Textile and Garment Corporation officially turned into the Vietnam Textile and Garment Group in late 2005. Last year was also the 10th consecutive year the group maintained high growth with industrial production value up 13 percent, exports up more than 10 percent, domestic consumption earnings reaching more than VND16,000 billion, profits rising to VND151 billion and a workforce of more than 100,000 labourers. Under the national socio-economic development orientation for the next 10 years, garments are still considered a key economic sector. Although the economic group model is popular in the world it is still quite new in Vietnam. Deputy Minister of Industry Bui Xuan Khu said to make it stronger, the group should strengthen its organisation at both group and … [Read more...] about Group model helps promote textile and garment sector
Singaporean group becomes Truong Hai auto’s strategic partner
Singapore’s leading auto distributor Jardine Cycle & Carriage group (JC&C) became Truong Hai Auto Company’s strategic partner under an agreement signed in Ho Chi Minh City on August 21. Under the agreement, JC&C will hold a 20 percent of stake in Truong Hai Auto (Thaco) with total investment of 77 million USD, becoming the company’s largest shareholder. As a strategic partner, JC&C will help Thaco distribute cars in Vietnam and map out a development strategy to earn a place in the regional market. The two partners will also exchange staff, build up a joint distribution system with focus on tourism coaches in Vietnamese market and later in the AFTA and boost investment in industrial zones and financial services. Established in 1997 in Bien Hoa II industrial park, southern Dong Nai province, Thaco has a factory to assemble Kia light truck with an annual capacity of 5,000 units. The company has recently put into operational another plant in Chu Lai, … [Read more...] about Singaporean group becomes Truong Hai auto’s strategic partner