Vietnam Textile Firm Inks Three Deals with US Partners
Phong Phu Corp., a state-owned Vietnamese textile company last week signed three business deals with US partners, including the International Textile Group Inc (ITG) and private equity firm WL Ross & Co.
The agreements were signed during State President Nguyen Minh Triet’s visit to the US.
ITG will inject additional US$100 million to expand Phong Phu’s Danang-based complex and into some other textile and garment projects.
The Danang facility is being built under an US$80 million deal signed with ITG’s subsidiary Burling Worldwide last year. The plant will begin operation in early 2008.
WL Ross & Co. will pour US$100 million to jointly develop Phong Phu’s real estate projects.
It also signed an agreement with the Vietnamese firm to become a strategic partner when the textile firm launches its initial public offering (IPO) next year.
Phong Phu Corp has 15 subsidiaries and joint-venture companies, and is now branching out into different sectors. (Thanh Nien Online, Laborer)
Vietnamese
