The Vietnam Garment and Textile Corporation (Vinatex) is to become an economic group that will operate as a holding company following a recent governmental decision.

Vinatex will develop affiliates' goods and services, aiming to boost their competitiveness and raise the visibility of their trademarks domestically and overseas.

Vinatex's general director Vu Duc Thinh said: "the mother company will establish material centere to timely supply its affiliates with necessary raw materials and accessories with competitive prices", according to press reports.

Vietnam's garment and textile manufacturers saw exports earnings rise 8.3% year-on-year during the first 11 months of the year, the Vietnamese General Statistics Office said.

The country boasts about 1,050 garment and textiles companies.