Vinatex sees YoY revenue surge of 144.2% to over $224.26 mn in Q1 2022

05 May '22

2 min read

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The Vietnam National Textile and Garment Group (Vinatex) witnessed a year-in-year surge of 144.2 per cent in revenue to over 5.15 trillion VND ($224.26 million) in the first quarter (Q1) of this year, completing 28.5 per cent of its target for the whole year. In the first quarter, Vinatex earned a pre-tax profit of 376.7 billion VND ($16.4 million), equivalent to 173.9 per cent of the Q1 2021 figure.

Growth was seen in both textile and garment industries. Specifically, the textile industry increased by 139 per cent, while the garment industry rose by 167 per cent over the same period last year.

Vinatex general director Cao Huu Hieu attributed the growth to the sound control of COVID-19, enabling businesses to deliver the orders they received from 2021 and accept more orders, along with stable prices of cottons and labour cost, a news agency reported.

This year, Vinatex plans to speed up digital transformation to improve its operating efficiency, he said.

Vinatex has completed 63 per cent of its yearly target in textile production, while its garment has recovered to the same situation as the pre-pandemic period, said Le Mac Thuan, Vinatex’s deputy general director.

Vinatex’s garment companies in the south have enjoyed revenue growth of 1.2-1.5 times and even twice over the same period last year, he said.

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

Fibre2Fashion News Desk (DS)

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