Vinatex completes 65% of yearly revenue target Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion). This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment. In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion. Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) … [Read more...] about BUSINESS NEWS IN BRIEF 1/9
Thai garment factory
In order to show its determination to say no to projects that could damage the environment, the Vinh Phuc People’s Committee submitted the fourth document asking the prime minister to refuse Hong Kong-backed TAL Group’s $350 million textile and garment dyeing project. Ba Thien 2, where TAL Group wants to develop $350 million textile and garment dyeing project Notably, according to the document submitted to the prime minister, on April 21 the province organised a conference to collect opinions from representatives of departments, relevant authorities, and experts about TAL Group’s textile and garment dyeing project. At the conference, TAL Group had 40 minutes to present the project, especially information about the environmental treatment technology, machinery, as well as the manufacturing lines to be used. As a result, after listening to the investor’s presentation, almost all of the representatives agreed that the project does … [Read more...] about Vinh Phuc resolute on refusing TAL Group’s $350 million project
Despite its eagerness to develop a $350-million textile and garment dyeing project in the northern province of Vinh Phuc, Hong Kong-backed TAL Group may fail to get the investment certificate due to the provincial authorities’ concerns about environmental pollution. Environmental concerns may override Vinh Phuc province's thirst for FDI On April 21, the Vinh Phuc People’s Committee organised a conference to collect opinions from representatives of departments, relevant authorities, and experts about the TAL Group’s textile and garment dyeing project, according to local media. The conference was organised after the investor insisted on developing the project despite the provincial leaders’ refusal due the risk of environmental pollution. Notably, in October 2016, after taking its second garment factory into operation, TAL expressed interest in developing a textile and garment dyeing project in Ba Thien 2 Industrial Park with the aim of … [Read more...] about TAL Group’s $350 million project refused over environmental risks?
Workers produce a batch of t-shirts at TNG Fashion’s garment factory in Thai Nguyen province (Photo: VNA) Hanoi (VNA) - Vietnamese enterprises must band together with their Asia-Pacific partners for stronger growth. Said conclusion was reached at an April 24 conference on strengthening the connection and partnership between Vietnam’s firms and members of the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI). Speaking at the conference, Doan Duy Khuong, Vietnam Chamber of Commerce and Industry (VCCI)’s Vice Chairman, appreciated the important cooperation between the VCCI and the CACCI, and between Vietnam and regional countries. Khuong emphasised the importance of such regional collaboration, especially in the context of increasing international economic integration. Jemal Inaishvili, President of the CACCI, noted the Vietnamese business community’s effort in recent years, with significant economic development progress. He … [Read more...] about VN firms team up with Asia-Pacific partners for stronger growth
The M&A scene is heating up around state-owned firms SCG wants to acquire more stake in Binh Minh Plastics Thailand’s SCG, through its subsidiary Nawaplastic Industry Co., Ltd., expressed interested in buying 818,609 shares in Binh Minh Plastic JSC (BMP) to increase its holdings to 50.89 per cent, equalling 41.66 million shares. The transaction is expected to occur between April 4 and May 3. Earlier on March 19, State Capital Investment Corporation (SCIC) completed the handover of 24.14 million BMP shares to Nawaplastic, after the Thai firm won at the auction organised on March 10. As a result, Nawaplastic spent approximately VND2.329 trillion ($102.33 million) to buy 24.139 of the 24.159 million shares on offer at the initial price of VND96,500 ($4.24). The deal increased Nawaplastic’s holdings in BMP to 49.9 from 20.4 per cent. SCG expressed its ambition to increase presence in the domestic plastic market by buying into BMP and Tien Phong Plastic JSC, which are two … [Read more...] about Foreign investors turn to M&A to increase SOE holdings