Vinatex targets over 16.4 billion USD in pre-tax profit hinh anh 1Producing face masks (Photo: VNA)

Hanoi (VNA) –
The Vietnam National Textile and Garment Group (Vinatex) set a goal of achieving 381.6 trillion VND (16.4 billion USD) in consolidated pre-tax profit in 2020, during its annual general meeting of shareholders on August 18.

This year’s revenue of the parent company is expected to be at about 1.33 trillion VND and profit before tax at 130.4 trillion VND.

Vinatex's consolidated revenue in 2019 reached 20.14 trillion VND and its before-tax profit was 765.5 billion VND.

Tran Quang Nghi, Chairman of Vinatex's Board of Directors, reported that the group posted an average annual revenue growth of 12.6 percent in 2015-2020 with profit increasing by 2.5 percent.

The COVID-19 pandemic dragged down the revenue of Vinatex by 36 percent year-on-year in the second quarter of this year, to just over 3.08 trillion VND. Profit stood at 280 billion VND, down 36 percent against the same period last year.

The State-owned group earned more than 7.04 trillion VND in revenue in the first half and posted 276 billion VND in profit, year-on-year falls of 24.5 percent and 20.7 percent, respectively./.