Vietnam’s textile and garment industry has targeted a year-on-year increase of 10 per cent in export value to $34 billion in 2018 despite difficulties in markets at home and abroad, according to Le Tien Truong, general director of the Vietnam National Garment and Textile Group (Vinatex). He recently reported Vinatex’s performance at a meeting in Hanoi.
Vinatex reported its total revenue in 2017 was 45.55 trillion VND ($2.02 billion), out of which domestic sales contributed 10.39 trillion VND, which is 22.8 percent of the total revenue. The pre-tax profit in 2017 reached 1.43 trillion VND, the group disclosed.
The organisation has set a revenue target of 48.5 trillion VND and a pre-tax profit of 1.45 trillion VND for 2018, a Vietnamese news agency reported.
As Vietnam’s textile and garment industry will face more competition this year, Truong urged the industry to continue to invest in technology to create stability, sustainability and efficiency in production.
Last year, the country exported textile and garments worth $31 billion, higher than its target of $30 billion. Major markets such as the United States, the European Union, Japan and the Republic of Korea maintained good growth, while there were breakthroughs in exports to other markets such as China, Russia and Cambodia, said Truong.
The Korean market jumped to the fourth position in 2017, close to the Japanese market, reaching an export value of $2.7 billion. Exports to China last year was $3.2 billion, the same as the export value to Japan.
This year, the ministry of industry and trade will withdraw 53.5 per cent of its shares in Vinatex as part of the prime minister’s divestment initiatives.