The Vietnam National Textile and Garment Group (Vinatex) set a goal of achieving VND381.6 trillion (US$16.4 billion) in consolidated pre-tax profit in 2020, during its annual general meeting of shareholders on August 18.

This year’s revenue of the parent company is expected to be at about VND1.33 trillion and profit before tax at VND130.4 trillion.

Vinatex's consolidated revenue in 2019 reached VND20.14 trillion and its before-tax profit was VND765.5 billion.

Tran Quang Nghi, Chairman of Vinatex's Board of Directors, reported that the group posted an average annual revenue growth of 12.6% in 2015-2020 with profit increasing by 2.5%.

The COVID-19 pandemic dragged down the revenue of Vinatex by 36% year-on-year in the second quarter of this year, to just over VND3.08 trillion. Profit stood at VND280 billion, down 36% against the same period last year.

The State-owned group earned more than VND7.04 trillion in revenue in the first half and posted VND276 billion in profit, year-on-year falls of 24.5% and 20.7%, respectively.