The Vietnam National Garment and Textile Corporation (Vinatex) recorded an 11 per cent increase in revenue of $563 million during 2001, it announced on Wednesday.

That compared with a 22.8 per cent revenue increase the previous year, with the fall being blamed on the slowing operation of textile companies due to shrinking export markets.

Corporation chiefs said they now intend to expand production, improve product quality and restructure production to increase this year's productivity by 20 per cent.

During a meeting in Hanoi yesterday, bosses also announced they plan to open more offices in Japan, the CIS and many European countries after recently establishing an office in the US late last year.

Vinatex leaders also decided to build more retail and wholesale centres in the US this year and set targets of 17-18 per cent for industrial growth and 18-20 per cent for export value growth in 2002.