Vietnam textile group plans IPO in July

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The Vietnam National Textile and Garment group, the country's leading textile and clothing, has planned to go public on July 1.

Chairman Vu Duc Giang said the state-run firm, also known as Vinatex, is preparing a final step to take an initial public offering which involves the paperwork for the government's review and approval.

Vinatex is negotiating with several foreign companies to choose strategic partners. Among the companies are those coming from Japan, he said.

Speaking to Saigon Times news website, Giang said the company is hopeful to attract international investors thanks to its good performance last year.

Le Tien Truong, deputy general director of Vinatex, said last month that the company's imports increasing by 16 percent to US$2.6 billion although the country's major importers like the US, the EU and Japan showed slow growth in demand.

Vinatex earned $900 million from domestic market, up 8 percent, Truong said.

More difficulties in both domestic and international markets are forecast this year but the company expects revenues to grow 12 percent, he said.

Exports of textile and garments sector last year topped the country for a fourth year with $15.8 billion. 

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