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Friday, July 19, 2024

A glimmer of hope

By Linh Trang

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There is a glimmer of hope on the horizon for Vietnam’s textile and garment industry, as signs of recovery have started to surface. The fall in orders bites Vietnam’s textile and garment exports have encountered a raft of challenges since the beginning of 2023. Factors such as rising global inflation and sluggish economic growth have dampened demand from major export markets, significantly impacting the profitability of businesses in the sector, particularly those heavily reliant on exports. Most textile and garment companies posted lower profits in the first nine months of 2023 than in the same period last year, with some even incurring substantial losses. Thanh Cong Textile Garment Investment Trading JSC’s (TCM) profit in January-September fell by half year-on-year to VND111 billion. This year, TCM aims for after-tax tax profit of VND245 billion, which is already 13% lower than in 2022. However, this target is now tough to realize under the current circumstances. Similarly, Century Synthetic Fiber Corporation (STK) grappled with a 36% year-on-year drop in net revenue and a significant 72% decrease in net profit, totaling VND1,073 billion and VND56 billion, respectively. Viet Thang Corporation (TVT) posted profit of just VND6 billion in the first three quarters, a mere […]
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