Vietnam Textile and Garment Group (Vinatex) held its annual shareholders' meeting in Hanoi on June 28, 2018, summarizing business performance in 2017 and the plan for 2018.

 

 

In the context of global textile and apparel consumption down by 0.85% compared to 2016, with strong price pressures, while domestic shipping conditions and customs clearance are limited, the production and export of textiles in Vietnam will increase over 10% in 2017, reaching the export turnover of 31.2 billion USD.

 

 

In the year 2017, DMVN Group has also reached the parent company's revenue of 1799 billion VND, up 38% compared to 2016, profit: 255 billion VND, 5% dividend. In the face of such disadvantages as the continued rise in basic wages, the cost of insurance per worker's gross income, leading to the pressure of maintaining a secure workforce, The group has to increase the cost, in particular, the increase in salary and insurance costs in 2017 of the Group to more than 700 billion.

 

 

 

In 2018, free trade agreements, especially CPTPP, could help DMVN continue to grow its exports at double digits. However, before the change in US-Korean relations, it is likely that garment processing orders instead of China and Korea would move to Korea. Moreover, the new pressure on Vinatex is to invest heavily in the 4.0 trend, to strengthen its effective management and to invest in high quality human resources to meet modern production methods. The problem of balancing capital sources before this hinge period.
 

 

With these opportunities and challenges, Vinatex Chairman Tran Quang Nghi affirmed that Vinatex has inherited the corporate culture, tradition of solidarity, bravery, thinking, skills and qualifications. will continue to develop, and prepare for a new breakthrough, advancing at a faster pace, flourishing, modern. In 2018, Vinatex strives to reach the parent company's revenue of 1159 billion dong, profit of 305 billion dong, dividend of 6 percent.

vinatex.com