Vinatex targets 8% export growth in 2019

The Vietnam National Textile and Garment Group (Vinatex), the largest textile maker in the country, expects its export turnover to rise up to 8% in 2019, the group said at a press conference on December 27.

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According to Vinatex Executive Director Cao Huu Hieu, the group is striving for 5% increase in industrial production, 7% growth in revenue, and 12% hike in profit.

It exported more than US$3 million worth of products in 2018, a year-on-year surge of 10.9%, and gained VND46.3 trillion (US$1.98 billion) in industrial production value, up 9.7% against the previous year. Meanwhile, total revenue rose 6.6% to VND48.6 trillion (US$2.08 billion).

Although the group has secured orders until the end of 2019’s Quarter 1, high input costs are deemed as a formidable challenge to the corporation, he said, adding that the minimum wage is forecast to expand 5.3%, resulting in a rise in social insurance premium and labour cost.

Garment and textile firms must outline rational measures for each market scenario. To be more specific, they should join hands with their customers and partners to set up value chain to overcome difficulties, Hieu stressed.

He underlined that Vinatex has paid due attention to quality of orders and customers, and worked to be in top five producers in Vietnam.

Besides investing heavily on modern machines and equipment that meet international standards to manufacture excellent products, the group will channel focus to improving labour productivity and increasing workers’ income, he added.

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