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Minister urges Vinatex towards better efficiency in 2017

Clothes made at a plant of Vinatex. The group earned a pre-tax profit of VNĐ 一. 四 三 trillion (US$ 六 三. 八 million) in  二0 一 六. - Photo baodautu.vn

HÀ NỘI – Deputy Minister of Industry and Trade Cao Quốc Hưng has urged the Vietnam National Textile and Garment Group (Vinatex) to improve its value chain and operate more efficiently in  二0 一 七.

At a recent conference held to review Vinatex’s business results in  二0 一 六, Hưng said the group should promote research and development activities and apply technology in garment production to offer value-added products, at the same time ensuring that there are no negative effects on the environment.

Trần Quang Nghị, chairman of Vinatex, said the group would focus on expanding its market base next year and would keep a close watch on the global raw materials market in order to take advantage of the free trade agreements.

In  二0 一 七, Vinatex expects a rise of  一 二 per cent in export revenue,  一 五 per cent in industrial production and  六 per cent in profits.

The group made pre-tax profit of VNĐ 一. 四 三 trillion (US$ 六 三. 八 million) in  二0 一 六, a rise of  九 per cent over the previous year. Its industrial production value totalled VNĐ 三 七. 七 trillion, which is  一0 三 per cent over  二0 一 五, and its export value touched VNĐ 二. 四 七 七 trillion, a  四 per cent rise. The incomes of Vinatex’s employees averaged VNĐ 六. 七 million per month, up by  八 per cent. This year, the group also invested in  四 一 projects, worth a total of VNĐ 五. 五 trillion.

On December  二 三, the Hà Nội Stock Exchange approved Vinatex trading on the Unlisted Public Company Market (UPCoM) under the code VGT, making it the first state-owned group to be traded on UPCoM.

Vinatex has a charter capital of VNĐ 五 trillion, with the state holding  五 三. 四 九 per cent stake. – VNS