Vingroup invests in VND14 billion fashion industry

Thursday, Jul 03, 2014 16:53

Viet Nam fashion industry.— Photo
HA NOI (Biz Hub) — Vingroup has decided to contribute VND14 billion (US$666,666 million) or 70 per cent of investment capital to the establishment of VinFashion Joint Stock Company in Ha Noi.

The VND 20 billion($952,380) fashion company will now be located at No 7 Bang Lang 1 Street, Vinhomes Riverside, Viet Hung Ward, Long Bien District. Vingroup will have 1.4 million shares of the company.

It is for the first time that the Vingroup will enter Viet Nam's fashion industry, which is among the ten top exporters of textiles in the world.

Since it was founded in 2000, Vingroup has focused on real estate with strong brand names of Vinhomes, Vincom and Vinpearl, health care services with Vinmec and the education system with Vinschool.

According to the Vingroup, as of December 2013, it owns and controls almost 30 large-scale real estate and tourism properties in prime locations across the country and at the same time possesses the largest charter capital in Viet Nam's stock market with nearly $3 billion.

According to the State Securities Commission of Viet Nam, Vingroup, listed as VIC in the HCM City's stock market, was one of the best stock sellers in the first six months of 2014. On July 3, each VIC share was listed at VND65,000 ($3.1) in the market. — VNS

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