The Vietnam National Garment and Textile Group (Vinatex) eyed a 12 percent increase in profit this year despite various challenges arising from the US-China trade war, Vinatex General Director Le Tien Truong said.
The Vietnam National Garment and Textile Group (Vinatex) eyed a 12 percent increase in profit this year despite various challenges arising from the US-China trade war, Vinatex General Director Le Tien Truong said.
A worker at Vinatex plant
At the corporation’s annual shareholders’ meeting recently held in Hanoi, Truong stated that Vinatex is striving to earn more than 22.18 trillion VND (954.8 million USD) in total revenue, and 839 billion VND (36.12 million USD) in pre-tax profit.
Besides, Vinatex expected the export turnover to expand 6-8 percent, and industrial production value to increase 5 percent from the previous year, he added.
Laying stress on the fluctuations of the global economy in 2018 due to trade tension, fierce competition and increasing protectionism, Truong said that the Vietnamese garment and textile sector had overcome challenges to become the world’s second largest exporter by shipping 36 billion USD worth of products overseas.
Vinatex also had a successful year 2018 as its revenue totalled nearly 20.24 trillion VND (871.32 million USD) while pre-tax profit was estimated at 761.4 billion VND (32.77 million USD), he highlighted.
In the year, the corporation’s dividend payout ratio was 6 percent, which means it paid total 300 billion VND (12.9 million USD) in dividends for its shareholders.
