In 2009, economic recession continued to have an impact on many businesses, including textile and garment sectors...
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| Nha Trang Textile Joint Stock Company earned a high foreign currency turnover from fiber exports in 2009. |
In 2009, economic recession continued to have an impact on many businesses, including textile and garment sectors. Nha Trang Textile Joint Stock Company actively took measures to stabilize production to deal with the downturn.
Nha Trang Textile Joint Stock Company earned a turnover of VND546 billion, a year-on-year increase of 19% and an export turnover of USD6.1 million, a 17% rise. About 60 production initiatives were implemented saving more than VND3 billion. Some subjects on electricity saving and ventilation improvement were highly appreciated. Some were proposed for creative labor certificates by the Vietnam Labor Federation.
In addition, the company strived to improve laborers’ living standards. Their average income was VND2.1 million. About VND1 billion was spent on insurance for employees. To improve its product quality of environment-friendly manufacture, the company invested VND1 billion on the construction of waste water concrete containers. Reportedly, in the beginning of the year, garment exports declined but export fiber markets in Korea, Taiwan, South America and some southeast Asian countries were stable.
General Director Le Ngoc Hoan said, “The economic downturn affected the textile and garment businesses. The company met great challenges in the beginning of 2009. In the fourth quarter, the company began to stabilize its exports contributing to the growth rate of the whole year.” Reportedly, the company has just signed contracts worth USD2.3 on garment until June, 2010 and on fiber exports until end-March, 2010. This is a good chance for the company to emerge from the downturn and extend their lead over the competition.
“The company may continue cope with difficulties due to the increase in bank loan interest and material price fluctuations,” said General Director Le Ngoc Hoan. To overcome the obstacles, the company has had plans to boost garment and fiber exports together with cutting down unnecessary expenses and saving electricity. The company has focused on export market expansion to the US, Europe, Korea, Taiwan and Turkey to assure its stable growth rate.
N.T
