Vietnam: Garco 10 grows by 6.4 percent in 2016

Garco 10 or Garment 10, short for Garment 10 Corporation JSC, is one of the biggest players in Vietnam's aspiring textile and garment industry. The company employs more than 9,000 workers and produces about 21 million pieces annually, of which more than 80 percent are exported to the US, EU, Japan and Hong Kong.

In 2016, Garco 10 surpassed its annual growth target of 4 percent and managed to increase its annual revenue by 6.42 percent. In 2017, the company targets a 6 percent rise in revenue compared to last year.

The Hanoi-based company was able to increase its annual revenue in 2016 to 2.9 trillion dong, about 128 million US dollars. In 2017, it aims for revenues of 3.1 trillion dong (136 million US dollars) and a profit of 62.5 billion dong (2.76 million US dollar) according to general director Nguyen Thi Thanh Huyen.

To achieve these objectives, Garco 10 "will take the initiative and adopt austerity measures, besides prioritising product quality, improving labour productivity and enhancing corporate governance", accordign to Viet Nam News.

Vietnam is among the top five exporters of garments and is set to surpass China as top textiles manufacturing location. But the country is being discovered by international brands and retailers not only as a sourcing destination but also as a consumer market: popular fair DenimsandJeans returns to Vietnam; Thua Thien-Hue province starts a garment hub and Vietnam generally goes from strength to strength.

In terms of working conditions, Vietnam is learning from Bangladesh's example and has started government inspections of its garment factories since last year. Some even speak of a design evolution as the country moves from fast fashion to ethical couture.