ASEANEWS HEADLINES: HÀ NỘI, Viet Nam- Many Vietnamese exporters see profit soar during COVID-19

March 30, 2021March 30, 2021 Contributor 0 Comment ASEANEWS HEADLINES: HÀ NỘI Viet Nam- Many Vietnamese exporters see profit soar during COVID-19

Producing medical gloves at a factory in Bình Dương Province. — Photo plo.vn

HÀ NỘI — Many Vietnamese exporters have seen a sudden increase in profits during the COVID-19 pandemic.

VRG Khải Hoàn JSC said it was in a state of full capacity and often had to refuse orders. The company’s orders were only enough to run 70-80 per cent of factory capacity before 2019.

When the COVID-19 pandemic started last year, the company’s traditional foreign partners quickly ordered a large number of medical gloves for storage, along with orders from new customers.

Dương Duy Phú, general director of VRG Khải Hoàn, said that the company has closed production orders until the end of next year. Most of the goods are exported to the US, Europe, Japan and the rest serve the domestic market.

“As a manufacturing company in the medical field, the pandemic has boosted production and prices, therefore our profit surged suddenly last year, up VNĐ500 billion (US$21.7 million), an unprecedented number, because of our average profit was only about VNĐ5-10 billion each year,” Phú told the Pháp luật Thành phố Hồ Chí Minh (HCM City Law) newspaper.

Seeing the market prospects in the coming years, the company decided to build more factories to increase capacity from 2.5 billion to 5 billion gloves per year.

The investment did not mean they expect the pandemic to continue, but the pandemic means many people have started to wear gloves to protect themselves and family members, while many countries are building up national reserves of medical products, said Phú.

READ MORE: https://aseanews.net/2021/03/30/headline-ha-noi-viet-nam-many-vietnamese-exporters-see-profit-soar-during-covid-19/