Garco 10 expects revenue growth despite unravelling TPP
Garment 10 Corporation-Joint Stock Company (Garco 10) set the goal of VND3.1 trillion ($137 million) in revenue this year, up 6.3 per cent on-year, despite the more opaque prospects of the Trans-Pacific Partnership Agreement (TPP).
According to Nguyen Thi Thanh Huyen, General Director of Garco 10, in spite of the slowing or straight out faltering demand for textile exports in 2017, Garco 10 expects a profit of VND62.5 billion ($2.7 million) and will pay a 15 per cent dividend.
Huyen added that in 2017, along with the expansion of investment activities, the Garco 10 and its unit members will try to reduce production costs so that they can increase the competitiveness. For instance, they will invest in modern technology, improve organization and improve the workers’ skills so as to improve the productivity, which might offset the increase in minimum wage.
In 2016 Garco 10 earned VND2.9 trillion ($129 million) in revenue, rising 6.42 per cent compared to 2015.
The contribution of Garco 10 to the government budget was VND58.75 billion ($2.6 million), 24.18 per cent greater than in 2015. In addition, the average income of the company’s workers reaches VND7 million ($310) per person per month, an increase of 4.33 per cent compared to 2015. Also, labour productivity reaches $21.43 a person per day, 4.87 per cent higher than in 2015.
Garco 10 operates 18 factories and has 12,000 employees, spanning 8 provinces and cities.
By The Hoang