Revenues of the Vietnam National Textile and Garment Group (Vinatex) rose 144.2 per cent to over VND5.15 trillion ($224.26 million) in Q1FY 2022. As per a Saigon Online report, the Group’s pre-tax profit increased by 173.9 per cent to VND376.7 billion ($16.4 million) against the same period last year. Profits in the textile segment increased 139 per cent, garment segment profits rose 167 per cent over the same period last year.
Huu Hieu, General Director believes, growth can be attributed to the efficient control of COVID-19, which enabled businesses to deliver completed orders and accept more orders, along with stable prices of cottons and labor cost. This year, Vinatex plans to accelerate digital transformation to improve operating efficiency. The group has achieved 63 per cent of target in annual textile production while apparel segment reached pre-pandemic levels of growth, according to Le Mac Thuan, General Director.
Revenues of garment companies grew 1.2-1.5 times and two-times over the same period last year. Foreign partners have returned to Vietnam with big orders. In future, Vietnam will invest in the two industrial clusters of Thanh Hoa and Thai Binh, Thuan affirms.
