Vinatex

Viet Thang Corporation, a subsidiary of state conglomerate Vinatex, has released its first-quarter results showing an increase of $315,650 in the company’s financial expenses, mainly attributable to interest fees which amounted to $275,650. Dony Garment Company, based in Binh Chanh, Ho Chi Minh City, reported that although capital access has become easier as banks have softened their lending rate from 13 per cent to as low as 9.5 per cent, repayments are still having an impact as the company simply doesn’t have enough large-value orders. Dony Garment's export market has shed nearly 70 per cent on-year, and domestic orders have fallen about 20 per cent and continue to drop. Pham Quang Anh, director of Dony Garment, said, "We don't even dare to think about growth at this time. Surviving this tough spell represents enough of a challenge.” In the short-term, Dony Garment is considering selling part of it assets to pay back loans to reduce interest payment pressure, and in … [Read more...] about Tough times for garments and textiles firms

Workers making garment products at a factory in Bim Son District, Thanh Hoa Province. — VNA/VNS Photo Many textile companies are struggling as they have to reduce employees due to shrinking revenues. The slowdown of global economic growth has affected manufacturing activities across industries, including textiles. In the first quarter of the year, Vietnamese textile and garment exports decreased nearly 18 per cent on-year to more than US$7 billion, according to General Department of Vietnam Customs statistics. The April data continued to show not very positive signs, with an export value of $2.5 billion, down nearly 20 per cent over last year. The industry continues to face challenges shortly due to a sharp decrease in purchasing power from major markets such as the US and European Union (EU), the recent textile industry report of KIS Vietnam Securities showed. Many businesses have not had orders for the rest of the second quarter. Inventories at major foreign … [Read more...] about Listed textiles enterprises face negative prospects this year

Workers making garment products at a factory in Bim Son district, Thanh Hoa province. (Photo: VNA) Hanoi (VNS/VNA) - Many textile companies are struggling as they have to reduce employees due to shrinking revenues . The slowdown of global economic growth has affected manufacturing activities across industries, including textiles. In the first quarter of the year, Vietnamese textile and garment exports decreased nearly 18% on-year to more than 7 billion USD, according to General Department of Vietnam Customs statistics. The April data continued to show not very positive signs, with an export value of 2.5 billion USD, down nearly 20% over last year. The industry continues to face challenges shortly due to a sharp decrease in purchasing power from major markets such as the US and European Union (EU), the recent textile industry report of KIS Vietnam Securities showed. Many businesses have not had orders for the rest of the second quarter. Inventories at … [Read more...] about Textile enterprises face negative prospects this year

Global issues continue to hinder the amount of export orders, Le Toan The National Assembly Economic Committee reported that in Q2, the country’s trade landscape will not improve due to continued shortages of export orders. “And if there are orders, they are of small scale with a limited number and low in value,” it added, saying the situation may last until the end of Q3. The government earlier set a target that this year, Vietnam’s total goods export-import value will be about $795 billion, up about 8 per cent against this year. In which, the export turnover will be $398 billion, up over 8 per cent on-year. The trade surplus will stay at about $1 billion, far lower than the $11.2 billion recorded last year. However, the government last week reported that since early this year, Vietnam’s key and traditional export markets have been narrowing, and many exporters in the country have been suffering from serious shortages of export orders. This has made it difficult for … [Read more...] about Slow recovery puts dent in export figures