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Vinatex completes 65% of yearly revenue target
Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion).
This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment.
In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion.
Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) and garments (168 million products, up 2.2 per cent).
In terms of import-export activity, it increased imports while exports declined.
Vinatex exported goods worth nearly $246 million in August, down 4.5 per cent year-on-year. Meanwhile, its export value rose by 4 per cent to $105.5 million.
After eight months, export value is estimated at $1.81 billion, growing 6 per cent year-on-year, while the import value also increased 4 per cent to $838.8 million.
Cao Huy Hieu, Vinatex CEO, predicted exports of textile and garment products of Viet Nam will hit $35 billion by year-end, $1 billion higher than the target of $34 billion set for the whole year.
Many garment companies have received buy orders to the end of the year, including Vinatex, Viet Tien Garment Corporation, Regent Garment Factory Co Ltd, Regina Miracle International Vietnam Co Ltd and Worldon (Vietnam) Co Ltd, Hieu said.
Vinatex is trading shares on the Unlisted Public Company Market (UPCoM) at around VND10,000 per share.
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