Home / Knowledge / News / Textiles / FDI pours into Vietnam's Binh Duong province
FDI pours into Vietnam's Binh Duong province
22
Apr '16
The garment and textile sector in Vietnam's southern province of Binh Duong has attracted more than $400 million in foreign direct investment (FDI) after the signing of the Trans-Pacific Partnership (TPP) in February, the Vietnamese News Agency has reported.

Apart from the latest rush of FDI, current active projects in the country had already drawn billions of dollars of investments.

According to the provincial Department of Industry and Trade, most of new apparel projects focus on support industry and fabric material, a positive signal to support the domestic garment-textile industry.

Vice Chairwoman of the Binh Duong Garment-Textile Association Phan Le Diem Trang said domestic businesses have received numerous orders from traditional markets such as the US and Europe for 2016.

The advantages from free trade agreements (FTA) and TPP deal are forecast to bring more orders to domestic apparel enterprises, she said, adding that the increasing flow of FDI in Vietnam and Binh Duong in particular is a huge benefit, which helps increase the export proportion for Vietnam.

However, the TPP regulations on the origin of the products are posing a number of challenges for domestic investment enterprises.
Trang pointed to difficulties facing domestic firms such as lack of capital and human training which could push local businesses to work for companies pumping in FDI.

She also expressed concern over the provincial business community is still seeking connectivity in TPP integration while hundreds of FDI businesses have taken a quick step to dominate and benefit from business in Vietnam.

Garment-textile is currently one of the 26 key export industries in Binh Duong which has over 560 apparel firms. Since the beginning of 2016, the sector has exported over $550 million worth of goods, a year-on-year increase of 9 per cent. In 2015, the local export turnover surpassed $2 billion partly thanks to the garment sector. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Union MSME minister Kalraj Mishra

Textiles | On 1st Oct 2016

MSME policy announcement likely in October

The MSME policy is likely to be launched in October, according to...

Bangladesh’s WTO ambassador Shameem Ahsan (right) submitting his country’s TFA instrument of acceptance to WTO director-general Roberto Azevêdo. Courtesy: WTO

Textiles | On 1st Oct 2016

Bangladesh ratifies WTO’s Trade Facilitation Agreement

Bangladesh has ratified the Trade Facilitation Agreement (TFA),...

Apparel/Garments | On 1st Oct 2016

Dutch Minister tells garment sector to demand fair pricing

Netherlands minister for foreign trade Lilianne Ploumen exhorted...

Interviews View All

Neel Sawhney
One Friday

Karel Williams
Dow Microbial Control

Sanjay Yagnik
Maa Tex Speciality

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
September 2016

September 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search