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Garment 10 to produce medical face masks, first export order worth US$52m

Update: April, 08/2020 - 13:01

 

Garment 10 gives out cloth face masks for free. Garment 10 Corporation Joint Stock Company is now investing in producing medical face mask. - Photo vinatex.com.vn

HÀ NỘI – Garment 10 Corporation Joint Stock Company was investing in producing medical face masks as well as cloth masks with ten production lines being installed, the company’s director Thân Đức Việt said at a meeting with Hà Nội Party Secretary Vương Đình Huệ on Tuesday.

Việt said the medical face mask M10 Pro would be introduced on April 15.

He also added Garment 10 had received an export order for 400 million medical face masks worth US$52 million.

This order would make up for 30 per cent of the company's estimated revenue this year.

The company has also received orders for 20 million cloth masks from a US partner and two million cloth masks and six million medical face masks from a German partner.

Garment 10 has switched to medical masks to cope with a fall in orders due to the impacts of the COVID-19 pandemic which was estimated at 30 per cent in April and 60 per cent in May and June.

During the past month, Garment 10 produced 5 million cloth masks, earning a revenue of VNĐ35 billion.

The company is working on three scenarios for its business in 2020. In the best scenario in which the COVID-19 pandemic was over in April, the company would see a fall of 11.05 per cent in revenue and 20 per cent in pre-tax profit.

In the worst scenario, the company’s revenue would drop by 26 per cent in revenue and 39 per cent in profit.

Huệ said that the capital city would set up groups in charge of checking prevention measures at production companies.

The city would also focus on removing difficulties and providing support to businesses to promote their development after the pandemic ended, Huệ said.

He also urged 109 enterprises under the Hà Nội People’s Committee to strive to maintain production during this difficult time to achieve reasonable growth and contribute to socio-economic development. - VNS

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