Amazon’s Vietnamese partner reports surge in profit

Textile company Gilimex said its net profits almost doubled in 2020 thanks to a number of high-value contracts with international retailers.

It reported record revenues of VND3.45 trillion ($150 million), up 36 percent from 2019, and net profits of VND308 billion for the year.

Gilimex’s main products are handbags and backpacks.

It tied up with Amazon, the world’s largest online retailer, in 2016 and seen average revenues grow at 20 percent a year since then.

Its other large foreign partner is Swedish furniture retail giant IKEA with whom it has eight long-term contracts worth $16.2 million.

The firm also develops new products for Dutch baby products maker Bugaboo and Puma, the German multinational that manufactures athletic and casual footwear, apparel and accessories.