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VietNamNews

Da Nang transfers stake in Vinataba

Update: October, 20/2015 - 09:26
Vice-Chairman of the city's People's Committee Phung Tan Viet said the transfer of funds would help Vinataba restructure its business and production for future growth. — Photo vietnamnet
DA NANG  (VNS) — Da Nang has transferred 30 per cent of its stake in Viet Nam National Tobacco Corporation (Vinataba), worth VND56.6 billion (US$2.7 million), to the company as part of an agreement.

Vice-Chairman of the city's People's Committee Phung Tan Viet said the transfer of funds would help Vinataba restructure its business and production for future growth.

The stake will be used for investment by Da Nang Tobacco Company, a subsidiary of the corporation.

Vinataba Chairman Vu Van Cuong said the corporation earned VND11.217 trillion (US$534 million) in revenue in the first five months of this year, contributing more than VND3.2 trillion ($152 million) to the state budget. — VNS

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