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Global firms gain ground in Vietnamese garment sector
16
Nov '12
Several global firms have made inroads in Vietnamese apparel sector in recent times, while many domestic garment firms have become non-existent.
 
Foreign-invested firms accounted for around 60 percent of the US$ 12 billion worth of garment and textile exports made by Vietnam during the first 10 months of the current year, according to Vietnam Textile and Apparel Association (VITAS).
 
In all, 359 foreign direct investment (FDI) projects increased their registered capital during January-October this year to facilitate enhanced investment in the Vietnam. Against last year, the combined registered capital grew by 12.3 percent to US$ 3.8 billion during January-October this year. Majority of the businesses that increased their capital are those operating in the textile and garment space.
 
South Korea’s Nobland Vietnam Co Ltd increased its registered capital by US$ 17 million to expand its operations on an 11,000 hectare land plot in the Tan Thoi Hiep Industrial Park. 
 
Saigon Precision, a company with 100 percent Japanese investment, also raised its capital by US$ 25 million to facilitate establishment of a new production facility, while Taiwan’s Formosa textile firm also hiked its capital by US$ 30 million during October.
 
Similarly, China’s Texhong increased its registered capital from US$ 80 million to US$ 150 million and enhanced its annual production capacity from 30,000 tons to 150,000 tons.
 
South Korea now stands to be the country with highest investment in Vietnamese textile and garment sector.
 

Fibre2fashion News Desk - India

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