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Vinatex announces good first-half performance

Released at: 19:24, 24/06/2015

Vinatex announces good first-half performance

Despite lower growth than in 2014, Vietnam's total textile exports should still reach 2015 targets.

by Hoai An

The Vietnam National Textile and Garment Group (Vinatex) has announced its business results for the first six months of the year. Revenue is estimated at VND24 trillion ($1.2 billion), an increase of 9.6 per cent compared with the first half of last year, with export turnover estimated at $1.7 billion, up 10.7 per cent. Import turnover was estimated at $612.6 million, an increase of 2.6 per cent. Profits rose 6 per cent, while average monthly incomes for its workers were VND6 million ($279), an increase of 9 per cent.

“Although the growth rate in the first half is lower than in the same period of 2014, Vietnam’s textile exports will still be able to achieve the target of $27 billion to $27.5 billion for the year as a whole,” General Director of Vinatex, Mr. Le Tien Truong, said at the press conference.

In the first half Vietnam’s total export turnover reached $12.18 billion, an increase of 10.26 per cent compared with the first half of last year. With $5.18 billion, the US remained the country’s largest export market, accounting for 42 per cent of total export turnover and 11 per cent higher than in the same period of 2014. Exports to the EU earned $1.45 billion, up 8.2 per cent year-on-year. Items such as suits, jackets, shirts and children’s clothing recorded solid growth. Vietnam’s textile exports to the EU are growing and been stable over recent years.

Textile exports to Japan and South Korea reached $1.3 billion and $948 million, up 7.3 per cent and 8.33 per cent, respectively. Vietnam is still the second-largest exporter to the two markets, after China, which continues to expand its market share.

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