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 2017.

At a recent conference held to review Vinatex’s business results in 2016, 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 2017, Vinatex expects a rise of 12 per cent in export revenue, 15 per cent in industrial production and 6 per cent in profits.

The group made pre-tax profit of VNĐ1.43 trillion (US$63.8 million) in 2016, a rise of 9 per cent over the previous year. Its industrial production value totalled VNĐ37.7 trillion, which is 103 per cent over 2015, and its export value touched VNĐ2.477 trillion, a 4 per cent rise. The incomes of Vinatex’s employees averaged VNĐ6.7 million per month, up by 8 per cent. This year, the group also invested in 41 projects, worth a total of VNĐ5.5 trillion.

On December 23, 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 VNĐ5 trillion, with the state holding 53.49 per cent stake. – VNS