The new company, with a charter capital of VND500 billion (US$22.4 million), focuses on knitted and woven products in the Ha Noi and Hung Yen markets.— Photo baodautu.vn

HA NOI (Biz Hub) — The Viet Nam Textile and Garment Group (Vinatex) launched its Northern Corporation (VNC Corp) on April 12.

The new company has charter capital of VND500 billion (US$22.4 million) and was formed following a merger of four subsidiaries of Vinatex: Dong Xuan Knitting Sole Member Limited Liability Company, Vinatex Hong Linh JSC, Ha Noi Textile and Garment Joint Stock Corporation and 8-3 Textile Limited Company.

Speaking at the inauguration ceremony, the general director of Vinatex, Dang Vu Hung, said the company's strategy was to focus on knitted and woven products in the Ha Noi and Hung Yen markets.

Vinatex's chairman of the management board, Tran Quang Nghi, 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