Vietnam textile firm aims for 17 pct export rise

HANOI, Jan 9 (Reuters) - Vietnam National Textile and Garment (Vinatex) group, the country's largest textile maker, expects export revenues to rise 17 percent to $1.7 billion this year, a Vinatex executive was quoted on Wednesday as saying.

Last year, the unlisted group exported textiles and garments worth $1.45 billion, 14 percent more than 2006 and making up 18.6 percent of Vietnam's textile export revenues, which surged 33.4 percent from 2006 to $7.78 billion.

Textiles and garments exports, mostly to the European Union and the United States, are Vietnam's second-largest foreign exchange earner after crude oil.

"We will ensure a good implementation of three strategic programmes on fabric production, cotton growing and training personnel to reach this year's target," the Vietnam Industrial Times newspaper quoted chief executive Vu Duc Giang as saying.

The Hanoi-based group would invest 5 trillion dong to 5.5 trillion dong ($310 million to $340 million) this year on expansion after spending 5 trillion dong last year on various projects, he said.

Last year, the group's gross profit soared 154 percent to nearly 300 billion dong as revenues rose 17 percent to 22 trillion dong, Vinatex chairman Le Quoc An has said.

Vinatex planned to complete its partial privatisation this year, Giang said.

Several companies in the textile sector such as Thanh Cong Textile Garment Co TCM.HM and Saigon Garment Manufacturing and Trade Co GMC.HM sold shares to the public and listed them on the country's main exchange .VNI last year. (Reporting by Ho Binh Minh; Editing by Michael Battye)