TNG Textile Amid Few Vietnamese Firms To Hit 100% Export Target
Vietnamese textile and garment manufacturer, TNG Textile announced that it has crossed its revenue target for 2023 ahead of schedule and may be the only Vietnamese textile company to do so.
The company which had set targeted revenue of VND 6,800 billion completed the target by mid-December, primarily due to bagging new buyers like Walmart, H&M, Lydl, etc.
TNG Investment expects its revenue to reach VND 7,030 billion by end of 2023, thereby exceeding 3 percent of the annual target and 4 percent compared to 2022.
However, the profit target may be difficult to achieve as within the first nine months of 2023, TNG just recorded a profit of VND 171 billion, which is equivalent to 57 percent of the annual target.
The fall in profits is because to keep running their full operations in the face of slowdown in export orders, TNG accepted orders with low profit margins to maintain production.
Based on the performance of 2023, analysts have predicted that TNG Textile has chance of a faster recovery once the export orders gather momentum.
Most of the Vietnamese garment export industry was hit by a slowdown in export orders and so most companies will report revenues which will be 20-50 percent below their targeted revenues.
