Vietnam’s largest textile and garment maker, Vinatex, posted total revenue of over VND17.2 trillion ($717 million) in 2023, exceeding its annual target by 4.4 per cent, according to Vinatex General Director Cao Huu Hieu.

Pre-tax profits were VND377 billion ($15.7 million), or 101.9 per cent of the annual target.

2023 was the hardest year for Vinatex in its 29 years in business, Mr. Hieu told a press briefing on January 8.

It was the first year that exports of garments and textile products fell 10 per cent, he added.

Meanwhile, the difficulties have been forecast to continue in 2024.

Experts, however, have predicted that the global economy may improve during the year, particularly in the US, with possibly three cuts coming to interest rates, of up to 0.75 per cent, which would help boost consumption, Mr. Hieu said.

As Vietnam is considered a safe destination, more orders are expected to come this year, he believes.