Vietnam : VINATEX expects double digit growth in 2017

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VINATEX expects double digit growth in 2017

11
Jan '17

One of the biggest manufacturer and exporter of garments, Vietnam National Textile and Garment Group (VINATEX) expects that its sales will rise 12 per cent, production value 14 per cent, while exports will grow 11 per cent, all over the prior year in 2017. VINATEX also added that it has enough orders in hand to keep them busy in the first quarter of 2017.

Vietnamese media quoted VINATEX general director Le Tien Truong as also informing that the industry will face various challenges in the current year, which includes that trade deals like the EU-Vietnam FTA and the Trans-Pacific Partnership, will not come into effect in 2017.

According to Truong, competition will turn more fierce as competitor countries helped by advantages in exchange rates as well as tax rates will continue to bag orders, while economic instability in the EU too will become a matter of concern for the Vietnamese sector.

In 2016, VINATEX saw its revenue growing 5 per cent over 2015 to $2.5 billion, with pre-tax profits also rising at the same pace to reach VND 41 trillion. These results came in the year when, overall Vietnamese garment exports climbed 5.7 per cent year over year to $28.3 billion. (AR)

Fibre2Fashion News Desk – India

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