Vinatex doubles profit, reaching VND 1,200 billion in 2021

Vinatex doubles profit, reaching VND 1,200 billion in 2021

In 2021, the pre-tax profit of Vietnam National Textile and Garment Group will reach VND 1,200 billion, doubling in 2020 despite many impacts from the epidemic.

This information was said by Mr. Cao Huu Hieu, General Director of Vietnam National Textile and Garment Group (Vinatex) at a press conference on the afternoon of December 23.

This group still recorded a revenue of more than 16,430 billion dong, up 11% compared to 2020 and pre-tax profit of 1,200 billion dong, double the same period. This interest rate is also higher than in 2019, the time before the epidemic, up to 70%.

"The results achieved are beyond the forecasts, the group still maintains customers and grows very well despite the epidemic. There are targets that are doubled compared to before the epidemic," said General Director of Vinatex.

Produced at Dong Xuan Textile and Garment, belonging to Vietnam National Textile and Garment Group (Vinatex). Photo: Hoang Phuong

Regarding the high profit margin despite the epidemic, Mr. Cao Huu Hieu explained, it mainly comes from objective reasons when the world demand for the consumer garment industry increases and the order price in 2021 is also better than that of the previous year. prior to.

Along with that, thanks to good growth, the yarn industry, when its production capacity increased by one and a half times, good revenue... contributed to half of Vintatex's profit. "In the past, the profit from sewing accounted for 80%, yarn 20% in the general structure of the group, now this proportion is 50-50, even yarn is "slightly better", Mr. Hieu shared.

Another reason is that Vinatex has been more deeply involved in global supply chains, despite being affected by the epidemic, but still maintains stable production.

The group is aiming to become "a one-stop destination for customers in the textile and fashion industry". In the period of 2022 - 2025, a large enough supply capacity will be formed for the knitwear industry, meeting the initial requirements of the world's large-scale supply chains, on the basis of the yarn industry that has been quite developed in the past 5 years. Over the years, the same garment industry has the same scale and reputation in the market.

In general with Vietnam's textile and garment industry, export turnover in 2021 will reach 39 billion USD, an increase of more than 11% compared to 2020 and equal to the threshold before the epidemic in 2019. Vietnam still retains the top 3 position in exporting countries. textile and garment and is rated by many international organizations as the highest in the recovery opportunity in 2022.

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