Business

Apparel firms enjoy better business on rising orders

Textile and garment firms have enjoyed a more robust business result on the back of an increase in orders which helped the sector gain 16.52 billion USD in export revenue in the first half of this year, up 4.6% year-on-year, according to the Vietnam National Textile and Garment Group.

Textile and garment firms have enjoyed a more robust business result on the back of an increase in orders. (Photo: VNA)
Textile and garment firms have enjoyed a more robust business result on the back of an increase in orders. (Photo: VNA)

Hanoi (VNA) – Textile and garment firms have enjoyed a more robust business result on the back of an increase in orders which helped the sector gain 16.52 billion USD in export revenue in the first half of this year, up 4.6% year-on-year, according to the Vietnam National Textile and Garment Group.

During the six-month span, key export markets of the Vietnamese products were the US (7.21 billion USD, up 3.6% against the same time last year), the EU (1.95 billion USD, up 0.8%), Japan (1.87 billion USD, up 6.8%), and the Republic of Korea (1.36 billion USD, up 1.1%).

Particularly, export revenue in the second quarter rose 11.2% year-on-year to 8.7 billion USD.

Hoa Tho Textile – Garment JSC’s profit after tax during April - June surged 110% to 69 billion VND (2.72 million USD), the largest ever over the past seven quarters. Meanwhile, the figure for the first half was more than 115 billion VND, as compared to only 75 billion USD recorded in the same time last year.

In the same vein, TNG Investment and Trading JSC announced that it bagged 86.3 billion VND in net profit in Q2, and over 129 billion USD in the first half, up 61.6% and 37.7% year-on-year, respectively.

Meanwhile, Thanh Cong Textile Garment – Investment – Trading JSC enjoyed a profit of 147.5 billion VND in the first half, rising 29% against the same period last year.

Other enterprises achieving robust profits included Huu Nghi Garment JSC (25.8 billion VND, up 33%), and Tien Son Thanh Hoa Group JSC (6 billion VND, up 361%).

However, several firms expressed their concern over the possibility of strong devaluation of domestic currencies in some countries to support exports, high shipping fees, as well as rising power cost and financial charges in the coming time.

Besides, an acute shortage of skilled workers is exerting pressure on the sector, which has targeted 44 billion USD in export revenue this year./.

VNA
#Textile and garment firms #Vietnam National Textile and Garment Group #robust profits #domestic currencies
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