US$529.9Mln Injected into 220 Garment Projects

The Vietnam National Textile and Garment Corporation (Vinatex) has, over the past five years, implemented 220 garment and textile projects with total investment capital of VND8.37 trillion (US$529.93 million), representing 67 per cent of the target set by the government, said a corporation official.

 

Most of these projects were carried out between 2001 and 2003. So far this year, Vinatex has implemented just 11 projects with total investments of VND345 billion (US$21.83 million). 

 

In addition to the sum, Vinatex has also mobilized capital from its inner resources. However, the corporation still faces shortages of investment capital, the official added

 

In related news, the Ministry of Industry (MoI) has proposed to restructure the corporation into a holding company by 2010 to increase competitiveness and turn it into a major regional player in the sector.

 

Under the plan submitted to the Government the corporation was expected to be reorganized under the umbrella Vinatex Group with an estimated registered capital of VND7 trillion (US$446 million), earning an annual export revenue of US$3 billion and employing 200,000 laborers by 2010.

 

In 2004, Vinatex posted total industrial production of VND8.94 trillion (US$569.3 million) and total revenues of VND15 trillion (US$955.4 million), up18 per cent and 19 per cent against 2003, respectively. Its export revenues reached US$865.3 million in the year, up 21 per cent.