VIETNAM: VTEC profit soars 64% in 2007
Viet Tien Garment Import and Export Corporation (VTEC) has reported a 59.2% rise in revenue for 2007, on the back of investments in new production lines.
VTEC, which was renamed as Viet Tien Garment Joint Stock Corporation this month, has reaped VND1,956bn (US$122.3m) in revenue, as the group posted a year-on-year rise of 64% in net profit, worth VND65bn (US$4.1m).
Such high revenues and profit during 2007 were mainly due to large investments in production lines, with some new garment plants and innovation in designing new products and brands, a VTEC official told just-style.
In early January 2008, VTEC launched two new fashion brands - San Sciaro and Manhattan. VTEC employs 22,000 workers at its Vietnamese plants.
By Ngo Tuan.
US-based thread maker A&E is planning to build a VND200bn (US$12.5m) textile and dyeing plant in Tien Giang province, southern Vietnam....
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