Vinatex starts up Northern Corporation

HÀ NỘI — The Việt Nam Textile and Garment Group (Vinatex) launched its Northern Corporation (VNC Corp) earlier this week.

The new company has charter capital of VNĐ500 billion (US$22.4 million) and was formed following a merger of four subsidiaries of Vinatex: Đông Xuân Knitting Sole Member Limited Liability Company, Vinatex Hồng Lĩnh JSC, Hà Nội Textile and Garment Joint Stock Corporation and 8-3 Textile Limited Company.

Speaking at the inauguration ceremony, the general director of Vinatex, Đặng Vũ Hùng, said the company’s strategy was to focus on knitted and woven products in the Hà Nội and Hưng Yên markets.

Vinatex’s chairman of the management board, Trần Quang Nghị, said the new company aimed to achieve an annual growth of 15 to 20 per cent in revenue and 20 to 30 per cent in export turnover.

By 2020, VNC Corp plans to become a core unit of Vinatex and rank among the top three companies of the group in terms of both scale and profitability. — VNS

Tags Vinatext Northern Corporation

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