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Textile sector offers umpteen opportunities for investment
27
Jun '09
A textile and clothing trade delegation from South Korea, which is on a business visit to Vietnam was of the opinion that the country's textile and garment sector presents great potential for Korean investors with low production costs and high export opportunities.

But at the same time the delegation was of the view that, a thorough study of the investment policies as well as demand for fabrics needs to be done, before the investments start flowing in to the Vietnamese textiles and clothing sector.

They also said that the country could prove to be hotspot for South Korean investment since costs of doing business were on an upward graph in Korea and Vietnam with its low cost base could provide unparallel opportunities for the Korean investors.

Vietnamese sector experts point out a few areas of investment within the textile sector like spinning, weaving and processing of fabrics which could do with a good amount of investment, since most of these raw materials needed to be imported.

In 2008, Vietnam's clothing exports registered US 9.1 billion in revenue; however, the country had to import nearly $6 billion worth of raw materials like yarn, fabrics, chemicals, etc., to feed the overgrowing appetite of its textile industries.

Fibre2fashion News Desk - India

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