Minister advises Vinatex to operate more efficiently

December 29, 2016 - Vietnam

At a meeting to review the financial results of Vinatex, a state owned textile and apparel manufacturer and exporter, a minister in the government urged the company to improve its value chain and operate more efficiently in 2017. Cao Quoc Hung also advised Vinatex to undertake R&D to produce value added products, while also not harming the environment.

In the period under review, sales totalled VNÐ37.7 trillion, a steep rise of 103 per cent year over year, while it reported pre-tax profits of VNÐ1.43 trillion, up 9 per cent over a fiscal ago period. In the reporting period, Vinatex invested VNÐ5.5 trillion in altogether 41 projects.

According to Vietnamese media reports, for the next fiscal, the group expects its export revenue to increase 12 per cent, sales by 15 per cent and pre-tax profit by 6 per cent.

“Vinatex will focus on expanding its market base in the next fiscal, maintain a close watch on the worldwide raw materials market and also take advantage of various free trade agreements,” Vinatex chairman Tran Quang Ngh? observed at the meeting.