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Vitec profits up 5% in Q1

Jun '06
Viettien Garment Company or Vitec reported profits worth US $113 million through exports till May 2006, showing five percent rise compared with same period, 2005.

The US retains top export destination for the company, accounting for 35 percent of entire exports turnover, followed by Japan, the EU with 31 and 18 percent, while South East Asian countries picked five percent share.

Of the exports revenue, Vitec's parent company ramps up $71 million, $30 million by its subsidy companies and the rest $12 million, notched by group companies.

Vitec is a leading garment company of Vietnam under Vinatex, and its General Director Nguyen Dinh Truong has just been named one of ten most Excellent Businessman of Vietnam in 2005 by Ministry of Industry.

In an effort to enhance competitiveness, Vitec now is speeding up equitization of its subsidiary companies such as Dong Tien Garment, Tay Do Garment etc as well as plans to go public itself in 2007.

Besides, Ho Chi Minh city - based company is going to expand its subsidiaries in the surrounding provinces including Dong Nai, Can Tho, Ben Tre and Ninh Thuan.

Fibre2fashion, News Desk - Vietnam

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