The Vietnam government has agreed to the privatisation of Vinatex, its largest textile and garment group, which accounted for 22% of exports of such products last year.
Deputy Prime Minister Nguyen Sinh Hung said in a directive on Thursday the group would hire a consultant to conduct its privatisation process.
Hung also approved a plan to issue convertible bonds.
The directive did not give details of Vinatex's bond issue, but company chairman Le Quoc An has said the group needs to raise at least 10 trillion dong ($620 million) to expand.
An said the group planned to complete its privatisation process next year.
The state-owned firm said it aimed to raise textile and garment exports, mainly to the European Union and the United States, to $1.55 billion in 2007 from $1.3 billion last year.
Textile and garment products are Vietnam's second-largest export category after crude oil, with $2.68 billion in revenues reported during the first five months of this year.
Source: Reuters
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