Textile - garment sector sees strong growth
Illustrative image (Source: VNA)
The Vietnam National Textile and Garment Group (Vinatex) enjoyed a year-in-year surge of 144.2 percent in revenue to over 5.15 trillion VND (224.26 million USD) in the first quarter of 2022, completing 28.5 percent of its target for the whole year.
In the first quarter, Vinatex earned a pre-tax profit of 376.7 billion VND (16.4 million USD), equivalent to 173.9 percent 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 percent, while the garment industry rose 167 percent 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 percent 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 2 times over the same period last year, he said.
He added that foreign partners have returned to Vietnam 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.
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