The textile - garment sector has seen strong growth
|The textile - garment sector has seen strong growth. (Photo: VNA)|
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 the 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 good control of COVID-19, enabling businesses to deliver the orders they received from 2021 and accept more orders, along with stable prices of cotton and labour costs.
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 garments have 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 had returned to Viet Nam with big orders.
In the time to come, Vinatex will finalise procedures to invest in two industrial clusters for the garment and textile industries in Thanh Hoa and Thai Binh.