Vietnam garment makers have high hopes for 2013
Viet Nam News/Asia News NetworkHANOI -- Despite predictions that the domestic economy would continue to face difficulties, garment companies remain optimistic about growth this year.
January 7, 2013, 12:27 am TWN
The HCM City-based Century Synthetic Fibre Joint Stock Co. (CSF), one of the country's large garment enterprises, recently approved its business plan for 2013, targeting a significant boost in revenue.
“We would strive to make VND1.6 trillion (US$78 million) in revenue this year compared to last year's figure of VND995 billion,” CSF Chairman Dang Trieu Hoa told online Dau Tu newspaper.
That will help increase our annual production capacity to 35,000 tonnes.”
He added that this would increase the company's revenue by VND450 billion (US$21.9 million).
Meanwhile, Dong Nai Garment Corp. (Donag-amex) has announced that its Dong Phuoc garment factory would open after Tet.
“We will soon import US$500,000 worth of equipment to speed up production and fill orders booked up to June,” Donagamex General Director Bui The Kich told the newspaper.
Although having high hopes for the company's growth this year, Kich said his company had set a modest goal, expecting to earn only VND75 billion (US$3.66 million), VND5 billion more than in 2012.
Last year, Donagamex experienced a 12-percent revenue increase to VND70 billion (US$3.41 million).
Vice chairwoman of the Viet Nam National Textile and Apparel Association Dang Thi Phuong Dung, said world economic fluctuations forced Viet Nam's garment sector to reduce its export target from US$19-19.5 billion down to US$17.5 billion.
She said the garment sector successfully fulfilled its set export target thanks to “great efforts” by domestic firms in sharpening competitiveness and lowering production costs.
Garment export earnings in 2012 enjoyed a year-on-year increase of 7-7.5 percent, a significant effort in the current challenging context, Dung said.