AsemconnectVietnam - In the first 9 months of 2024, the consolidated revenue of Vietnam National Textile and Garment Group - Vinatex (code VGT) is estimated at VND13,036 billion and pre-tax profit is estimated at VND490 billion, up nearly 1% and 70% respectively over the same period in 2023. Export turnover reached USD1,448 million, up 7%.

The above information was shared by Vinatex's Board of Directors at the Group's 9-month Party building review conference. Thus, compared to the 2024 plan, in 9 months, Vinatex has completed 72.8% of the revenue target and 89% of the annual profit target.
Vinatex assessed that in the first 9 months of 2024, the global economy tends to continue to recover; major economies are showing signs of improvement although the speed is still slow. The world's total textile and garment demand in 2024 will still decrease by about 3-5% compared to 2023.
In Vietnam, economic, social, production and business activities have begun to recover; GDP in the second quarter has grown positively. In the first 8 months of the year, Vietnam exported USD28.6 billion of textiles and garments, up 7.2% over the same period.
For the garment industry, orders are abundant due to the shift of orders from China, Bangladesh and Myanmar to Vietnam, making production arrangements more favorable than in 2023.
While the yarn industry has recovered significantly, it still faces many difficulties as raw cotton prices are greatly affected by speculation and logistics factors, so they increase and decrease suddenly, making it difficult to predict, and the main export markets are China and South Korea - selling prices have continuously decreased with no signs of recovery.
In general, in the past 9 months, the biggest and most common difficulty for Vietnamese textile and garment enterprises is the shortage of labor.
N.Nga
Source: VITIC/Tinnhanhchungkhoan