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ReturnVietnam:Three silk enterprises declare bankruptcy
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PublishDate：
2006-01-26 14:13:00
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Three member enterprises of the Viet Nam Sericulture Corporation (Viseri) declared their bankruptcy on Jan. 19.
They include the Bao Loc Silk Processing enterprise, the Viet Nam-Italy Silk company, and the August Silk enterprise.
The failures were mainly attributable to hikes in the price of raw materials, according to Viseri’s Deputy General Director Vu Ngoc Van.
In an attempt to rescue the silk industry, Van said, all the corporation’s member enterprises will undergo ownership transformation or declare bankruptcy this year in concert with State regulations and the reform roadmap for State-owned enterprises.
Viseri has also focused on intensifying product diversification and seeking more markets to boost exports, added Van. Accordingly, it has cooperated with its Japanese partner, Matsumura company, to produce high quality silk products for the Japanese market.
The silk industry posts an estimated export turnover of over 70 million USD each year and generates jobs for more than half a million people.
