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Vietnam: Textile, garment firms report buoyant performance this year

Textile and garment firms have reported buoyant performance to date this year due to a multitude of factors, including escalating trade tensions between the US and China. Many surveyed firms have attributed rising revenues to a sharp jump in order volumes. In addition, the trend of foreign (mainly US) textile and garment importers shifting orders from China to Vietnam to mitigate risks has become more apparent amidst the escalating US-China trade tensions.

Tran Nhu Tung, member of the board of management at Thanh Cong Textile Garment Investment Trading JSC says in the first eight months of this year, they posted VND2.46 trillion in cumulative revenue ($109 million), equal to 80 per cent of its full-year plan, while its after-tax profit hit VND185 billion ($8.2 million), a 44 per cent jump over the projection and fulfilling its full-year profit target. According to Tung, this upbeat outcome came in the wake of the company’s efforts to restructure production and boost production capacity.

Similarly, TNG Investment and Trading JSC rose more than 25 per cent in the past two months. In the first eight months of this year, the company reported VND2.36 trillion ($104 million) in cumulative revenue, reaching 86 per cent of its full-year, while its profit came to VND118 billion ($5.2 million), a 54 per cent jump over the same period last year and reaching 93 per cent of the full-year profit target. This year, TNG estimates reaching VND3.45 trillion ($152 million) in revenue and VND157 billion ($6.9 million) in after-tax profit.