TCM reports huge profits in post-privatization era

10 Sep '07

1 min read

Thanh Cong Textile Garment Company (TCM) in the first half this year earned VND 62.32 billion (US $3.85 million) worth of profit, representing sky-rocketing growth at 320 percent as compared to the same period of 2006. This positive result was largely due to remarkable achievement in both, textile and garment exports, and investment in other fields like finance and real estate.

During the first six months of 2007, TCM's total revenue climbed to VND 573.87 billion, equivalent to $35.42 million, recording year-on-year increase of 107 percent.

These are huge figures for a textile and garment company of Vietnam. This also shows the development of a company which has been privatized for just one year.

Besides exporting through cooperation with world-famous firms like JC Penney, Otto, Conte of Florence, Bluemax and Adidas, TCM has been successful in local markets by launching a large range of fashion collections.

Late August this year, the company signed a $28 million deal to build a 12 storey – tower in Ho Chi Minh City and has just donated VND 500 million to a local fund for the poor.

Fibre2fashion, News Desk - Vietnam

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