Vietnamese apparel manufacturer GMC earned VND250bn (US$15.63m) for the first three-quarters of 2007, representing a year-on-year increase of 154.32%.

Official sources from the company said that the Ho Chi Minh firm generated VND15.2bn (US$ 0.95m) in profit for the period, up by 147% over the same period in 2006.

According to Nguen An, general director of GMC, the company has recently been implementing its strategic development plan to 2010, with construction of a US$1.25m garment plant getting underway in early September and several other large projects in the pipeline.

GMC is listed on the Ho Chi Minh city Stock Exchange, with 3.17m shares worth VND32bn.

"We have just issued an additional 1.5m shares in late September. However, we are going to issue more in a bid to mobilise more capital for our other projects" Nguyen An said.

GMC forecasts a turnover of VND320bn for the whole 2007, 128% higher than in 2006.

By Ngo Tuan.