Vinatex takes over Dai Cat Tuong Garment

Read the original news 

SaigonTimes English - 41 month(s) ago 17 readings

HCMC - The Vietnam National Textile and Garment Group, or Vinatex, on Tuesday formally took over the loss-making Dai Cat Tuong Garment Co. in the central province of Quang Ngai and has plans to restructure this company.

By Le Hoang - The Saigon Times Daily

HCMC - The Vietnam National Textile and Garment Group, or Vinatex, on Tuesday formally took over the loss-making Dai Cat Tuong Garment Co. in the central province of Quang Ngai and has plans to restructure this company.

Vinatex, which recently has bought nearly VND39.9 billion worth of the garment company’s shares in an auction, plans to invest into its new affiliate with over VND50 billion.

Dai Cat Tuong in recent years has incurred losses and owes its workers salaries totaling VND1.6 billion, triggering several strikes of late.

Duong Thi Ngoc Dung, deputy general director of Vinatex, said that her corporation had plans to invest over VND50 billion into the new affiliate to boost its operations.

Vinatex will upgrade Dai Cat Tuong’s obsolete factories as well as buy new machines and equipments to create 3,000 jobs when it is scheduled to resume operation next year. Besides, the corporation will also build a dormitory for the workers.

There is no comment

Please Sign up or Login to comment.

Top page