1:15:25 PM | 16/11/2007
The listed Saigon Garment Manufacturing Joint Stock Co. (GMC) November 13 kicked off construction of a VND100 billion (US$6.25 million) garment factory in the southern Ba Ria-Vung Tau province, Tuoi Tre newspaper reported Wednesday.
GMC will invest VND20 billion in the first phase to build the 50 square hectares facility the province's Tan Thanh district and to employ 2,500 workers once operational.
GMC expected to earn more than US$25 million in export revenue each year one the facility reach full capacity, said the source without mentioning about other construction detail.
The move is part of GMC's master plan to invest US$30 million into three key property projects to contribute VND30 billion to build a VND300 billion (US$18.7 million) trading-entertainment complex on Tran Hung Dao Street, District 5, HCM City.
GMC's shares closed up 4.5 per cent to VND58,500 each on 22,110 shares November 14. (Youth)
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