Vinatex Has Set a Target to Achieve 12 Percent Growth in Exports This Year

The Vietnam National Textile and Garment Group (Vinatex) has set a target to achieve 12 percent growth in exports this year, reports Vietnam Plus.

Although economic difficulties are forecast for 2014, Vietnam’s apparel sector is expected to have bright prospects, said Le Tien Truong, deputy general director of Vinatex.

Mr. Truong said in order to achieve the export target, Vinatex will adopt better investment, finance and human resource management policies, develop its markets, and also focus on business development.

In 2013, Vinatex’s exports were nearly US$ 3 billion, up 12 percent year-on-year, while its earnings from the domestic market were 22.5 trillion VND (approx. US$ 1.05 billion), showing a rise of 15 percent year-on-year.

Meanwhile, the average salary of Vinatex’s employees rose by 10 percent year-on-year in 2013, and the company currently spends 5.2 million VND per month on salaries.

Last year, growing at 16.9 percent year-on-year, Vietnam exported textiles and garments worth US$ 19.8 billion, contributing about 15 percent to the country’s total foreign exchange earnings.

Vinatex is one of the largest textile and garment corporations in Asia. The group includes nearly 120 subsidiary companies that produce textiles and garments and run commercial services. These companies also have their own distribution systems including wholesale and retail dealers.

Last month, Vinatex started construction of a textile complex in An Lão, a rural district of Hai Phong, the third largest city in Vietnam. The textile complex will have spinning, weaving, dyeing and sewing facilities, and on completion the project is expected to contribute to increased exports from the country.