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Vietnam's Vinatex targets 12% rise in profit in 2019

01
May '19
Vietnam
The Vietnam National Garment and Textile Group (Vinatex) targets a 12 per cent rise in profit this year despite challenges from the US-China trade war, according to Vinatex general director Le Tien Truong, who recently told the annual shareholders’ meeting Vinatex is striving to earn more than $954.8 million as revenues and $36.12 million as pre-tax profit.

Vinatex expects the export turnover to expand by 6-8 per cent and the industrial production value to increase by 5 per cent from the previous year, he said.

Laying stress on the fluctuations of the global economy in 2018 due to trade tension, fierce competition and increasing protectionism, Truong said the Vietnamese garment and textile sector had overcome challenges to become the world’s second largest exporter by shipping $36 billion worth of products overseas, according to a news agency report.

Vinatex’s 2018 revenue totalled nearly $871.32 million, while its pre-tax profit was estimated at $32.77 million, he highlighted.

The corporation paid $12.9 million in dividends to its shareholders last year. (DS)

Fibre2Fashion News Desk – India


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