HANOI: The Việt Nam Textile and Garment Group (Vinatex) is expecting the export turnover to grow by 10 per cent this year to US$2.6 billion. At the annual shareholders’ meeting in Hà Nội yesterday, Vinatex General Director Lê Tiến Trường said that the group would focus on supporting its subsidiaries in trade promotion to enlarge export markets to meet the target. The group would also set up research boards on free trade agreements to take up the initiative in building effective business and investment strategies, Trường said.
Vinatex has invested in developing supply chains from materials to finished products over the past year. After launching operations of the Kiên Giang project in 2015, the group is completing the Phú Hưng Fibre Plant and a yarn dyed cloth project. Besides, the group has also developed the Supply Chain Development Centre (SCDC) to be dependent on material sources. So far, the SCDC has eight regular customers for garment products and has been developing 20 customers in the United States, Europe, South Korea and Japan. The centre has had 10 customers for cotton and fibre and has been developing 30 customers for its products in Chile, China, Thailand, and Malaysia, in addition to South Korea.
Vinatex gained good business results last year with high growth rates from 7 per cent to 13 per cent from most of its large export markets. The group reported an export value of $2.37 billion and a pre-tax profit of VNĐ628 billion last year.
