Textile industry has a glimmer of growth

	Difficulties pile up, textiles expect orders
	Vinatex aims for 8% – 10% growth in exports
	Textile-garment exports to continue declining

Masks are one of the items contributing to TNG's revenue growth in the past eight months. Photo: ST

According to TNG Investment and Trading Joint Stock Company, the company's sales in August 2020 reached VND613 billion, up 11% over the same period in 2019 and up 1.5% compared to July 2020.

Generally, in the eight months of 2020, TNG's revenue reached over VND3,058 billion, equaling 97% compared to the same period in 2019. Of which, the domestic market brought nearly VND200 billion in revenue, up 42% compared to the same period in 2019.

According to TNG, August is the second month that the company has increased revenue compared to the same period in 2019. Previously, the revenue in July 2020 also rose6% compared to July 2019.

The main products contributing to the increase in sales arejackets, traditional cargo pants, medical masks, and anti-epidemic protective gear for domestic consumption and export. In the near future, the company will put into production, domestic consumption and export of fire protection and chemical protection sets.

TNG also announced that it has signed a basic contract for production by the end of fourth quarter and continues to receive orders for the first quarter and second quarter of 2021.

Thanh Cong TextileGarment Company also recorded revenue of US$13.7 million, after-tax profit reached US$1.06 million in August 2020, 41% higher than August 2019.

Accumulated revenue in the first eight months of 2020 ofThanh Cong Textile is US$101.9 million, reaching 63% of the plan for 2020 and equivalent to 96% compared to the same period in 2019. Accumulated profit in eight months is US$7.05 million, reaching 88% of the plan for 2020 and 103% over the same period in 2019.

According to data of the Ministry of Industry and Trade, in August 2020, textile production increased by 3.1% compared to July and 4.9% compared to the same period in 2019. Generally, in the eight months of 2020, textile production increased 1.3% over the same period last year. Meanwhile, garment production in August 2020 increased by 4.9% compared to July, up 4.4% over the same period in 2019. Generally, in the first eight months of 2020, this item decreased by 4.2% compared to the same period last year.

For exports, in the eight months of 2020, the export turnover of textiles and garments was estimated at US$19.25 billion, down 11.6% over the same period in 2019.

Textile industry lacks orders, how to turn challenges to opportunities? VCN- Nguyen Xuan Duong, Chairman of Hung Yen Textile and Garment Association, Chairman of the Board of ...

According to the Ministry of Industry and Trade, the textile and garment enterprises have orders until the end of the year and even the first half of next year. However, due to the slowdown in world market demand affected by the Covid-19 pandemic, Vietnamese textile enterprises currently only receive orders monthly, or even weekly. Some businesses have received about 50-60% of orders for September, the remaining months of 2020 and 2021 have not had clear information.