One major player in the textile and garment industry still has no orders to date.

According to the recently released Q2 financial report, Garmex Saigon's net revenue reached nearly 1.5 billion VND. Notably, 1.4 billion VND of this revenue came from the sale of used, refurbished equipment.

Since no revenue was generated from the sale of finished goods, the company did not record the cost of goods sold.

After deducting expenses, the company incurred a net loss of 484 million VND, a significant improvement compared to the loss of over 12.4 billion VND in the same period last year.

In the first six months of the year, Garmex Saigon generated 1.7 billion VND in revenue, with other income increasing by 6 billion VND, mainly due to interest on bank deposits and the liquidation of unused assets.

As a result, pre-tax profit reduced losses from 27 billion VND in 2023 to 10.6 billion VND.

Net profit after tax reached VND 755 million, compared to a loss of VND 33 billion in the same period last year, mainly due to income from the liquidation of unused assets.

Regarding the future of Garmex Saigon, the company's leaders have stated that they are still unable to re-employ workers for the traditional garment industry. Whether or not to invest in reviving the garment industry will depend on market conditions.

In the future, the company will continue to optimize existing resources, cut costs, and seek partners to transfer or sell unused assets.

The textile and garment industry began facing difficulties last year due to the overall impact of the global economic situation, geopolitical instability, etc.

According to the Vietnam Textile and Apparel Association (VITAS), the order situation improved in the first six months of the year, but despite the increase in orders, concerns across the industry have not subsided.

Accordingly, the surge in orders is mainly due to a shift from other countries to the Vietnamese market, while the true reality is that global consumption has not yet increased.

Furthermore, the textile and garment industry is expected to face many challenges in the final months of the year, as more and more markets introduce new mandatory regulations related to human rights and environmental assessments in the supply chain.