Tianhong Textile Announces Annual Report &Nbsp; Vietnam Has Low Plant Cost.
On March 29th, Tianhong Textile Group, the world's largest supplier of core cotton textiles, announced its 09 year performance announcement today.
Tianhong textile
(HK.02678) the annual report shows that the textile industry has been substantially warmer. The company's top executives have said that Vietnam has been successful in investing in Vietnam, and its Vietnamese company is the most profitable Affiliated Companies in the company.
In the performance announced by Tianhong textile today, the company
Turnover
4 billion 88 million yuan, an increase of 9.4% over the previous year and net profit of 286 million yuan, an increase of 33.3% over the previous year.
Hong Tianzhu, executive director and chairman of the group
Sina Finance
The company set up factories in Vietnam mainly based on two aspects: labor cost and electricity cost.
"Our survey found that Vietnam's labor is still lower than that of the mainland, Vietnam has 3 more electricity per kilowatt hour, also less than 5 of China's gross domestic product, and Vietnam's production capacity now accounts for nearly 1/3 of the company's total (production capacity)."
He pointed out.
In addition, according to the chief financial officer of Tianhong, Vietnam has implemented four tax exemption and nine reduction policy for foreign enterprises, and has no customs duties, which is very attractive for small and medium-sized enterprises.
It is reported that domestic textile enterprises do not set up factories overseas, and some attempts have been made in Kampuchea and Mexico.
According to the statistics of China's National Bureau of statistics, the total investment in large-scale textile projects totaled 310 billion 200 million yuan in 2009, up 13.86% from 2008.
In 2009, China exported $167 billion in textile and clothing, down 10.1% from last year.
In 2010 1-2, textile and apparel exports totaled 28 billion 240 million US dollars, up 29% from the same period last year, of which the total value of exports in February reached US $12 billion 640 million, an increase of 89.3% over the same period last year.
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