People shop at a store selling products of Viet Tien Garment Corporation. - Photo thuonghieu24h.com

Viet Tien Garment Corporation (VGG) earned pre-tax profit of more than VND458 billion (US$20.5 million) in 2016.

The figure represented a rise of 18 per cent compared with the previous year and was 59 per cent higher than its target.

In its financial report, VGG reported revenue of nearly 7.5 trillion, growing by 17 per cent in comparison with 2016.

As of the end of 2016, the garment company, which had charter capital of more than 1.3 trillion, had total assets worth an estimated VND3.8 trillion. Its inventories totalled nearly VND600 billion, dropping by VND125 billion compared with the beginning of the year.

VGG shares have been traded on the Unlisted Public Company Market since March 2016.

According to Bui Van Tien, general director of VGG, the corporation aimed to reach export revenue of $1 billion by 2020, with an average growth rate of 15 per cent per year.

To achieve the goal, the company, in 2017, will expand its production and apply modern technologies, especially lean manufacturing.

In 2016, its export revenue reached nearly $700 million. — VNS