New wave of FDI in textile sector shaping
New wave of FDI in textile sector shaping
The textile sector ranked second in attracting foreign direct investment (FDI) with more than US$1.12 billion in the first seven months of 2015, according to the Foreign Investment Agency, under the Ministry of Planning and Investment.
The figure accounts for more than 20% of Viet Nam’s total foreign investment inflows in the reviewed period, the agency said.
Noticeably, Turkey poured US$660 million in a fiber-producing-plant in the southern province of Dong Nai, making it the largest project so far in this field.
The other two projects are a plant producing auxiliary products for textile in Binh Duong province and a fiber plant in Tay Ninh, worth US$274 million and US$160.8 million, respectively.
As Viet Nam has joined a number of free trade agreements with nations like the U.S. Japan, the Republic of Korea and the EU, bringing increasing opportunities and advantages for investors.
Garment exports to the EU are expected to rise by 50% in the first year and around 20% for the consecutive years once the Viet Nam-EU free trade agreement comes into effect.
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