Textile and garment exports in the first half of 2024 reached 16.52 billion USD, up 4.6% over the same period last year; of which, the second quarter of 2024 reached 8.7 billion USD, up 11.2% over the first quarter of 2024.
According to the Vietnam National Textile and Garment Group (Vinatex), textile and garment export turnover has increased since the beginning of the year, specifically in the second quarter of 2024, it grew by 11.2% compared to the previous quarter. The increase in orders has helped some textile and garment enterprises achieve remarkable business results.
Specifically, Hoa Tho Textile and Garment Joint Stock Company's second quarter profit skyrocketed by 110%, always bringing in regular cash dividends for Vinatex. This is also the highest profit this enterprise has achieved in 7 quarters. According to records, the enterprise's net revenue reached VND 1,094 billion, up 5% over the same period last year. Cost of goods sold decreased slightly by 1%, helping the gross profit margin improve from 9% in the second quarter of 2023 to 14%. Gross profit thus increased sharply by 69% over the same period to VND 151 billion.
In addition, financial revenue and financial expenses recorded VND 25 billion and VND 22 billion, respectively, up 35% and 32% over the same period. Deducting other expenses, Hoa Tho Textile and Garment's after-tax profit reached VND 69 billion, up 110% over the same period in 2023, the highest profit in the past 7 quarters.
In the first 6 months of the year, net revenue remained almost flat, bringing in VND2,273 billion to the company. Profit after tax increased sharply by 80% compared to the same period, reaching approximately VND114 billion. Profit after tax attributable to shareholders of the parent company reached more than VND115 billion, a sharp improvement compared to the profit of VND75 billion in the same period last year, completing 51% of the revenue plan and 65% of the pre-tax profit plan.
Similarly, TNG Investment and Trading Joint Stock Company has just announced its Financial Report for the second quarter of 2024 with net sales revenue reaching VND 2,173.6 billion, up 8.7% over the same period last year. After deducting expenses, TNG had a net profit of VND 86.3 billion, up 61.6% over the second quarter of 2023. The Company's positive business results come from an improved gross profit margin of 16.4% compared to 12% in the same period of 2023. In the first 6 months of the year, the Company had a net profit of more than VND 129 billion, up 37.7%.
TNG representative said: Thanks to focusing on exploiting difficult product lines, as well as expanding export markets; at the same time optimizing costs by increasing the use of automatic machinery and equipment in operation and production, the recent business results have been very positive.
At Thanh Cong Textile - Investment - Trading Joint Stock Company (Thanh Cong Textile), revenue in the first 6 months of the year reached more than 74.381 million USD (equivalent to 1,878 billion VND), up 12% over the same period in 2023 and reaching 47% of the yearly plan. Net profit reached more than 5.842 million USD (equivalent to 147.5 billion VND), up 29% and completing 85% of the yearly plan. The company has received about 90% of the revenue plan for orders in the third quarter of 2024 and about 86% of the revenue plan for orders in the fourth quarter of 2024.
In the first half of 2024, a number of other garment enterprises also recorded positive business results such as Huu Nghi Garment Joint Stock Company with a profit after tax of VND 25.8 billion (up 33%); Tien Son Thanh Hoa Group Joint Stock Company with a net profit of VND 6 billion (up 361%).
However, assessing the production and business situation from now until the end of the year, experts say that textile and garment enterprises will face difficulties when many large markets issue new mandatory regulations related to labor and environment in the supply chain and textile waste treatment.
Some textile and garment enterprises expressed concerns about the possibility of competitive exporting countries devaluing their currencies to support exports, continued high shipping costs, increased regional minimum wages, and the possibility of electricity and financial costs increasing in the near future.
In addition, the textile and garment industry is also under increasing pressure on the workforce. Enterprises in the industry are lacking about 500,000 workers, focusing on skilled workers, mid-level workers, managers, and product designers.
Textile and garment exports in the first half of 2024 reached 16.52 billion USD, up 4.6% over the same period last year; of which, the second quarter of 2024 reached 8.7 billion USD, up 11.2% over the first quarter of 2024.
The main export markets of the textile and garment group in the first 6 months of 2024 were the United States reaching 7.21 billion USD, up 3.6%; the EU (27 countries) reaching 1.95 billion USD, up 0.8%; Japan reaching 1.87 billion USD, up 6.8%; and South Korea reaching 1.36 billion USD, up 1.1% over the same period last year.
According to PV/VTV
Source: https://doanhnghiepvn.vn/doanh-nhan/don-hang-tang-doanh-nghiep-det-may-khoi-sac/20240728100423974
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