In the first quarter of 2022, the revenue of Vietnam National Textile and Apparel Group (Vinatex) exceeded VND5.15 trillion (approximately US$224 million), an increase of 144.2% compared with the same period in 2021, completing the full year 28.5% of target. In the first quarter of this year, Vinatex’s pre-tax profit was VND376.7 billion (approximately US$16.4 million), equivalent to 173.9% of the same period in 2021.
Both the textile and clothing industries grew during the same period. The textile industry grew by 139% and the clothing industry by 167% compared with the same period last year.
According to media reports, Vinatex general manager Cao Huu Hieu believes that the main reason for growth is the good control of the new crown epidemic, which has enabled the company to successfully deliver orders received starting in 2021 , and can accept more orders; stable cotton prices and labor costs are also one of the reasons.
He said that Vinatex plans to accelerate digital transformation this year to improve operational efficiency.
Le Mac Thuan, deputy general manager of the group, pointed out that Vinatex has completed 63% of the annual textile production target, and clothing has also returned to pre-epidemic levels. The revenue of the group’s clothing company in South Vietnam increased by 1.2-1.5 times or even doubled compared with the same period last year.
He added that foreign partners have moved large orders back to Vietnam.
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