A yarn production line of Vinatex Hồng Lĩnh Co - a member of Vinatex - in the central province of Hà Tĩnh. — VNA/VNS Photo Vũ Sinh

HÀ NỘI — The Việt Nam National Textile and Garment Group (Vinatex) was aiming for an annual growth rate of 8-10 per cent in production value, revenue and export value from now to 2025, according to the group’s chairman of the board Lê Tiến Trường.

He said the group was facing various challenges, one of which was the complicated developments of trade friction between the US and China, plus the heavy impacts of the COVID-19 pandemic on the global economy.

To deal with this Vinatex is implementing a number of solutions in order to achieve its targets, focusing on promoting innovation, business restructuring and enhancement of leadership capacity.

The group has recorded average growth of 5.62 per cent in the past five years. Its total revenue increased from VNĐ39.45 trillion (over US$1.69 billion) in 2015 to VNĐ49.2 trillion ($2.11 billion) in 2019.

The group reeled in over $2.39 billion from exports in 2015 and the figure rose to $2.9 billion in 2019. — VNS