Vinatex sees strong revenue growth

Thursday, May 05, 2022 18:06

Inside a Vinatex workshop. — Photo courtesy of the company

The Vietnam National Textile and Garment Group (Vinatex) enjoyed a year-in-year surge of 144.2 per cent in revenue to over VND5.15 trillion (US$224.26 million) in the first quarter of 2022, completing 28.5 per cent of its target for the whole year.

In the first quarter, Vinatex earned a pre-tax profit of VND376.7 billion ($16.4 million), equivalent to 173.9 per cent of the amount recorded in the same period last year.

Growth was seen in both textile and garment industries. Specifically, the textile industry increased 139 per cent, while the garment industry rose 167 per cent over the same period last year.

Vinatex General Director Cao Huu Hieu attributed the growth to the good control of COVID-19, enabling businesses to deliver the orders they received from 2021 and accept more orders, along with stable prices of cottons and labour cost.

This year, Vinatex plans to speed up digital transformation to improve its operating efficiency, he said.

Vinatex has completed 63 per cent of its yearly target in textile production, while its garment has recovered to the same situation as the pre-pandemic period, said Le Mac Thuan, Vinatex’s Deputy General Director.

Vinatex’s garment companies in the south have enjoyed revenue growth of 1.2-1.5 times and even two times over the same period last year, he said.

He added that foreign partners have returned to Viet Nam with big orders.

In the time to come, Vinatex will finalise procedures to invest in two industrial clusters for garment and textile industry in Thanh Hoa and Thai Binh. — VNS

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