PM okays restructuring plan for Vinatex, Vinacomin

Prime Minister Nguyen Tan Dung has approved the restructuring plan for the Vietnam National Textile and Garment Group (VINATEX) during the 2013-2015 period to increase the group’s efficiency and competitiveness.

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Under the scheme, the group will further concentrate on its core businesses, including the manufacturing, sale, import and export of garment and textile products, as well as production and trading of raw materials, spare parts, chemicals, dyes, and equipment for the textiles sector.

After the completion of the restructuring plan, the mother corporation will maintain a 100pct stake in four of its subsidiaries, while reducing its stake to 50-65pct in six companies and less than 50pct in 20 others.

VINATEX is required to complete the divestment in 37 non-core subsidiaries within the next three years.

The PM also approved a plan to restructure the Vietnam National Coal and Mineral Industries Group (Vinacomin) in the 2012-2015 period to improve the corporation performance and sustainable development to be environmentally friendly and ensure national energy security.

Vinacomin will focus on four main business lines, including the coal industry, mineral- metallurgy industry, industrial explosives, and electrical industry.

Under the plan, Vinacomin will be a parent company with 16 dependent entities. The mother corporation will hold 100pct of its stake in five subsidiaries, maintain 65-75pct of the registered capital in nine companies, reduce its stake to 50-65pct in another 11 companies, while owing less than 50pct of registered capital in 11 others.

The group will divest itself of nine companies and dissolve two subsidiaries, namely Dong Vong Coal company and Vietnam-Japan Gemstones company, as well as allows for the bankruptcy of Song Ninh-Vinacomin Shipbuilding Co., Ltd.

Source NhanDan