Business

Vinatex invests in technology to expand market share

Vinatex must innovate its technologies as soon as possible in order to increase its market share, said General Director Le Tien Truong, a shareholders’ meeting held in Hanoi on June 29.
Vinatex invests in technology to expand market share ảnh 1Vinatex will focus resources on investing in technology during the 2017-2020 period (Illustrative photo - Source: VNA)

Hanoi (VNA) – The Vietnam National Textile andGarment Group (Vinatex) must innovate its technologies as soon as possible inorder to increase its market share, said Le Tien Truong, the group’s GeneralDirector, at its share-holders’ meeting held in Hanoi on June 29.

Therefore, during the 2017-2020 period, Vinatex will focusresources on investing in technology, Truong affirmed.

According to him, the world economy is likely to grow by 2-3percent this year, while the world demand for garment and textiles may recoverslightly, at about 0.5 percent.

In addition, the US may adjust up import taxes oncommodities from China, including garment and textiles, which can be a positivesign for Vietnam’s garment and textile export by expanding its market share inthe US.

However, the Vietnamese garment sector is facing fiercecompetition in attracting orders as domestic businesses are unable to providepackage services and face difficulties in meeting importers’ shippingrequirements.

The country’s major competitors such as China, India,Bangladesh, and Indonesia continue attracting a lot of orders thanks to theirpreferential policies on tax and exchange rate, while the European Union-Vietnamfree trade agreement (EVFTA) and Trans-Pacific Partnership (TPP), which arehoped to help with Vietnam’s exports, have yet to become effective in 2017.

Other problems for the sector include rising input costs andfalling selling prices, plus the lack of high-quality human resources who can operatemodern machines, especially in weaving and dyeing phases.

Therefore, the Vinatex will exert efforts to increasemanagement capacity and administration in a modern and professional manner,while continuing to expand markets in East Europe, and optimise advantagesoffered by valid FTAs.

In 2016, Vietnam’s apparel industry saw lower than expectedresults, with 28.3 billion USD in exports, up 5.7 percent year on year. Vinatexearned over 2.5 billion USD, an increase of 5 percent over 2015, with a pre-taxprofit of over 41 trillion VND on a 5 percent year on year increase.

In 2017, Vietnam’s textile-garment sector aims for a growthrate of 7-8 percent, and 30 billion USD in export earnings.-VNA
VNA
#Vietnam National Textile and Garment Group #Vinatex #Vinatex shareholders’ meeting #Le Tien Truong #European Union-Vietnam free trade agreement #Trans-Pacific Partnership #Vietnam garment export #Vietnam New Agency #vietnamplus
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