Vinatex urged to improve its value chain and operate efficiency next year

YarnsandFibers News Bureau 2016-12-27 16:00:00 – Hanoi

At a recent conference held to review Vietnam National Textile and Garment Group (Vinatex’s) business results in 2016, Deputy Minister of Industry and Trade Cao Quốc Hưng has urged Vinatex to improve its value chain and operate more efficiently in 2017.

The group should promote research and development activities and apply technology in garment production to offer value-added products, at the same time ensuring that there are no negative effects on the environment.

Trần Quang Nghị, chairman of Vinatex, said that the group would focus on expanding its market base next year and would keep a close watch on the global raw materials market in order to take advantage of the free trade agreements.

The group made pre-tax profit of VNĐ1.43 trillion (US$63.8 million) in 2016, a rise of 9 per cent over the previous year. Its industrial production value totalled VNĐ37.7 trillion, which is 103 per cent over 2015, and its export value touched VNĐ2.477 trillion, a 4 per cent rise. The incomes of Vinatex’s employees averaged VNĐ6.7 million per month, up by 8 per cent.

This year, the group also invested in 41 projects, worth a total of VNĐ5.5 trillion. In 2017, Vinatex expects a rise of 12 percent in export revenue, 15 percent in industrial production and 6 percent in profits.

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