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Textile enterprises plan to move out of Vietnam
26
Jun '08
A large number of Taiwan funded textile enterprises that had shifted their production base from China to Vietnam are hit by the current inflation, devaluation of currency and strikes in the country.

The critical situations in Vietnam have forced most of these enterprises to lay-off workers and make cuts in production. In fact, they are even considering making another shift of their production base to countries like Indonesia, India, Cambodia, Bangladesh and other countries which offer more lucrative investment opportunities.

While the salary per worker was pegged at US $80 per month a year ago, it has now risen to $150. In order to absorb such massive rise in cost of production, enterprises have actually had to reduce their operation by 40 percent; moreover, they also had to complete their pending orders in Chinese and Indonesian factories.

Recently, even the Federation of Hong Kong Industries expressed the desire to visit Indonesia, India and Cambodia with a view to make investments in these countries.

The business association of Taiwan in Dongguan city, Guangdong Province also had similar intentions and divulged that India is most likely to be the next investment region for the country.

Fibre2fashion News Desk - China


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