50 firms dress for success at garment awards
Vietnam Economic Times, Vietnam
Fifty companies have been selected for the fourth annual “Outstanding Enterprises in Vietnam’s Textile-Garment Industry” awards, reflecting the country’s fast growing apparel market.
Co-organised by the Viet Nam Textile and Apparel Association (Vitas) and Thoi Bao Kinh Te Sai Gon (Saigon Economic Times Newsmagazine), a subsidiary of the Sai Gon Times Group, this year’s event honours the greatest number of companies. When it was first held in 2004, only 18 companies were nominated.
Such a fast increase in the number of winners is justified by the rapid development of the industry, say organisers.
Apparel exports increased to US$5.9bil last year compared to $4.8bil in 2005. Exports this year are expected to reach $7.3bil, according to organisers.
“A higher number of participants and better year-on-year business performances contributed in part to more winners,” says Le Tu Quynh Dung, a representative of the organising committee.
“The awards will help garment makers improve their prestige in the local and international markets, and improve the overall image of Vietnam’s textile and garment industry worldwide.”
The competition based its decision on 10 criteria. All businesses listed in the final round must show certificates issued by tax offices on financial statements.
For the “good IT application” criterion, Vitas entrusted a team of experts to assess competitors technology.
Viet Tien Garment Corp ranked first in the competition for the fourth consecutive year.
Viet Tien Garment reported VND1.7tril ($104mil) in domestic sales and $153mil in exports last year, and boasted a network of over 1,000 outlets nationwide.
The joint venture Coats Phong Phu joins the leader board for the first time, beating much larger corporations.
Coats Phong Phu is considered one of the most efficient companies with pre-tax profits of VND160bil in 2014 and a return on equity rate of 45%.
There were four newcomers to the top ten list: Thai Tuan, Thanh Cong, Song Hong-Nam Dinh and Scavi.
The well-known Ha Noi Textile-Garment Corp dominates northern Vietnam, with 2014 sales amounting to VND1.7tril. However, due to a low efficiency rate, it failed to make the top ten.
In the environmentally friendly category, companies had to meet two conditions: ISO 14000 certification and confirmation of environmental protection measures.
Only Viet Tien and Coats Phong Phu scored tens in the environment category, while all other companies scored five or below.
An awards ceremony will be held at the Ha Noi Opera House on November 4.
