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 … [Read more...] about Vinatex targets 8% export growth in 2019
Forecasting revenue growth in excel
Vinatex targets 8 percent 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 percent in 2019. (Photo: VNA) Hanoi (VNA) – The Vietnam National Textile and Garment Group (Vinatex), the largest textile maker in the country, expects its export turnover to rise up to 8 percent in 2019, the group said at a press conference on December 27. According to Vinatex Executive Director Cao Huu Hieu, the group is striving for 5 percent increase in industrial production, 7 percent growth in revenue, and 12 percent hike in profit. It exported more than 3 million USD worth of products in 2018, a year-on-year surge of 10.9 percent, and gained 46.3 trillion VND (1.98 billion USD) in industrial production value, up 9.7 percent against the previous year. Meanwhile, total revenue rose 6.6 percent to 48.6 trillion VND (2.08 billion USD). Although the group has secured orders until the end of 2019’s Quarter 1, high input costs … [Read more...] about Vinatex targets 8 percent export growth in 2019
BUSINESS NEWS IN BRIEF 31/10
Vietnamese food introduced in Hong Kong Visitors to the seventh Hong Kong Food Carnival, which is underway in Kwai Tsing district, Hong Kong (China), have shown interest in Vietnamese food. Products such as dried rice vermicelli, fish sauce, cashew nuts, dried longan and coffee have been introduced by Hanoi Trade Corporation (Hapro) and Hello-5 JSC. Of note, King Cashew Nut Ltd., Co. which represents Hapro in Hong Kong, has worked with the Vietnamese association in Hong Kong to open a booth featuring Vietnamese dishes at the event. Apart from Vietnam, the Southeast Asia section within the carnival also includes booths set up by Thailand and Malaysia. During the carnival, from October 27 to November 4, participating countries and territories are also putting on traditional art performances. Previously a biennially event, from this year on the Hong Kong Food Carnival will be held annually due to its increasing popularity. SCG's Q3 revenue in Vietnam up 18% … [Read more...] about BUSINESS NEWS IN BRIEF 31/10
BUSINESS NEWS IN BRIEF 24/10
Festival to help Ninh Binh promote tourism potential The picturesque Trang An Complex in Ninh Binh province (Photo: vietnamtourism.gov.vn) The northern province of Ninh Binh will have opportunities to promote its tourism potential as a cultural, sport and tourism festival will be held in the locality later this month. Held by the Ministry of Culture, Sports and Tourism, the event is part of the programmes organised to mark 1,050th anniversary of Dai Co Viet, the first feudal state of Vietnam. A wide range of cultural activities are scheduled such as photo exhibitions, amateur cheo (traditional opera) performances, and various culture and sport activities. Local Trang An Landscape Complex, recognised by the UNESCO as a World Heritage site in 2014, together with other renowned heritages like Ha Long Bay, Phong Nha Ke Bang National Park, and gong cultural space in the Central Highlands, among others, will be nudged closer to the visitors at the festival through the “Going through … [Read more...] about BUSINESS NEWS IN BRIEF 24/10
BUSINESS NEWS IN BRIEF 1/9
Vinatex completes 65% of yearly revenue target Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion). This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment. In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion. Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) … [Read more...] about BUSINESS NEWS IN BRIEF 1/9