TTF affirms to be a patron for domestic textile industry

16 May '08

2 min read

Vietnam Garment and Textile Corporation (Vinatex), is optimistic about attracting Taiwanese investors for enhancing sectors like fashion design, textile and world distribution system.

According to the statistics provided by Vietnam Textile Association (Vitas), there are nearly 500 foreign textile and garment enterprises operating in Vietnam of which a substantial 150 are Taiwanese.

With regard to this, officials of Taiwan Textile Federation (TTF) gave an overwhelming response saying that not only would the country continue to provide raw material to Vietnamese industries, it will also invest in knitting and dyeing factories to ensure high quality production of goods.

Vietnam's local units can supply only a meager 30 percent of the raw material needed for production while the remaining 70 needs to be imported from other countries of which Taiwan emerges as a leading source.

A meeting among 15 Taiwanese and local enterprises was jointly organized by Vitas, the TTF and Taiwan External Trade Development Council to lure more Taiwanese investors.

As a matter of fact, Taiwan has proved to be more than just an investor. The country has also been one of the largest importers of Vietnamese textiles directly assisting in the growth of the industry.

In 2007, export value of Vietnam to Taiwan reached US $200 million and its target for 2020 is set at achieving $25 billion for textile and garment export turnover through trade with major importing countries.

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