Vietnam to equitize top garment maker Vinatex
Thanh Nien Daily, Vietnam
Deputy Prime Minister Nguyen Sinh Hung said in a directive on Thursday the group would hire a consultant to conduct its equitization process.
Hung also approved a plan to issue convertible bonds.
The directive did not give details of Vinatex’s bond issue, but company chairman Le Quoc An has said the group needs to raise at least VND10 trillion ($620 million) to expand.
An said the group planned to complete its equitization process next year.
The state-owned firm said it aimed to raise textile and garment exports, mainly to the European Union and the United States, to $1.55 billion in 2014 from $1.3 billion last year.
Textile and garment products are Vietnam’s second-largest export category after crude oil, with $2.68 billion in revenues reported during the first five months of this year.
