A worker at a Vinatex plant. — Photo VNA

The Viet Nam National Garment and Textile Group (Vinatex) has targeted a 12 per cent profit increase this year despite various challenges arising from the US-China trade war.

Vinatex is striving to earn more than VND22.18 trillion (US$952 million) in total revenue and VND839 billion ($36 million) in pre-tax profit by the end of this year, the group's general director Le Tien Truong said at its recent annual shareholders’ meeting in the capital.

The company also expects its export turnover to expand by between 6 and 8 per cent, and industrial production value to increase 5 per cent from the previous year, he said.

Highlighting the fluctuations of the global economy in 2018 due to trade tensions, fierce competition and increasing protectionism, Truong said the Vietnamese garment and textile sector had overcome challenges to become the world’s second largest exporter by shipping $36 billion worth of products overseas.

Last year, Vinatex also saw a positive business performance as its revenue totalled nearly VND20.24 trillion while pre-tax profit reached VND761.4 billion.

The corporation’s dividend payout ratio for 2018 was 6 per cent, which means it paid a total of VND300 billion in dividends to its shareholders. — VNS