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| Viet Tien Garment workers process cloth. The company is expected to gain about $13 million in pre-tax profits this year. — Photo alobacsi.com |
HA NOI (Biz Hub) — Viet Tien Garment Joint Stock Corporation planned to reach a pre-tax profit of VNĐ305 billion (US$13.6 million) this year, up one per cent over last year.
The company's general director, Bui Van Tien, announced the plan at its shareholders' meeting late last week.
The firm also projected a turnover of VND6.7 trillion for 2016, a year-on-year increase of 6.2 per cent. It was expected to pay dividend at a rate of at least 25 per cent, and assure an average workers' income of VND8.8 million per month.
Tiến said the company would spend some VND700 billion on investments this year and next year to enhance production capacity, by improving human resources, innovating technology and intensifying distribution channels and promotion affairs.
Thach Thi Phong Huyen, the head of the company's supervisory board, said its financial situation was healthy, with the condition of equity, loans, debts, liquidity and provisional funds remaining good.
Viet Nam Textile and Apparel Association Chairman Vu Duc Giang noted that there was harsh competition in the Asian garment and textile market, and Viet Tien should have strategic measures for sustained development.
Viet Tien, which has recently increased its charter capital from VND280 billion to VND420 billion, is an affiliate of the Việt Nam Garment and Textile Group (Vinatex).
As many as 28 million shares of the subsidiary began to be traded on the Unlisted Public Company Market (UPCoM) on March 10, today closing up 0.3 per cent at VND61,500 per share.
Viet Tien celebrated its 40th year of establishment in HCM City on January 23, when officials from the company said it was expected to reach an export revenue of $1 billion by 2020, with an average export growth rate of 15 per cent per year.
The HCM City-based company has branches in Ha Noi and the central cities of Da Nang and Nha Trang. It owns brand names such as TT-up, San Sciaro, Manhattan, and Smart Casual, in addition to Viet Long, Viet Tien Slim Fit and Camellia. — VNS