Binh Duong sees foreign investment boom in garment sector
Binh Duong sees foreign investment boom in garment sector
More that 50 per cent of the US$1 billion in foreign direct investment Binh Duong Province accrued over the first six months of the year was poured into the garment sector, according to Nguyen Thanh Truc, director of the provincial Department of Planning and Investment.
The province granted an investment certificate to Polytex Far Eastern Co., Ltd under the Taiwanese Far Eastern Group. With a first-phase investment of $274 million, the company will construct a 99-hectare plant to produce auxiliary products such as cotton, synthetic and knitted fibres at Bau Bang Industrial Park.
This is the province's largest investment project so far this year.
As the Trans-Pacific Partnership Trade pact enters its final rounds of negotiation, foreign investors are making huge investments in Viet Nam to take advantage of preferential export taxes, Truc said.
In the first two quarters of the year, provincial garment export revenue reached more than $904 million, rising 11.2 per cent over the same period last year and accounting for 10.6 per cent of the locality's total exports.
