The textile-clothing sector in strong growth | Business

Illustrative image (Source: VNA)

Hanoi (VNA) – Vietnam National Textile and Garment Group (Vinatex) saw a 144.2% year-on-year increase in revenue to over 5.15 trillion VND (224.26 million USD) in the first quarter of 2022, reaching 28.5% of its target for the whole year.

In the first quarter, Vinatex made a pre-tax profit of VND376.7 billion ($16.4 million), or 173.9 percent of the amount recorded in the same period last year.

Growth was observed in the textile and clothing industries. Specifically, the textile industry increased by 139%, while the clothing industry increased by 167% compared to the same period last year.

Vinatex general manager Cao Huu Hieu attributed the growth to good control of COVID-19[feminine]allowing companies to deliver the orders they received from 2021 and accept more orders, as well as stable prices from cottons and labor cost.

This year, Vinatex plans to accelerate digital transformation to improve operational efficiency, he said.

Vinatex has reached 63% of its annual textile production target, while its garment has returned to the same situation as before the pandemic, said Le Mac Thuan, deputy general manager of Vinatex.

Vinatex’s garment businesses in the south saw revenue growth of 1.2 to 1.5 times and even 2 times compared to the same period last year, he said.

He added that foreign partners have returned to Vietnam with large orders.

In the coming times, Vinatex will finalize the investment procedures in two industrial clusters of clothing and textiles in Thanh Hoa and Thai Binh./.

ANV

Michael O. Stutler