Home / Knowledge / News / Apparel/Garments / FDI in Vietnamese textile-garment projects on the rise
FDI in Vietnamese textile-garment projects on the rise
24
Jun '18
FDI in Vietnamese textile-garment projects on the rise
The European Union (EU)-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have boosted foreign direct investment (FDI) in textile-garment projects in Vietnam, according to the Vietnam Textile and Apparel Association (VITAS). FDI had dipped early last year, when the United States withdrew from the Trans-Pacific Partnership (TPP).

FDI then had shifted to other markets, such as Cambodia, Myanmar and Bangladesh, with a lower-cost workforce and lower import duties, according to a report in a Vietnamese newspaper.

The United States is the largest buyer of Vietnam's textiles and garments followed by the EU.

Foreign investments in the sector increased again since the third quarter of last year due to high-quality products and short delivery time.

VITAS general secretary Nguyen Thi Tuyet Mai said import duties of the EU, currently ranging from 10 per cent to 12 per cent, will be cut to zero when the EVFTA comes into force.

South Korea would overtake Taiwan to become the largest investor in Vietnam’s textile-garment sector in the near future as this country has clinched a two-way FTA with Vietnam and a cooperation agreement with the European Union, she said.

Domestic Vietnamese enterprises also feel the US-China trade would benefit Vietnam.

The target of $34-34.5 billion in apparel export turnover this year, 10 per cent higher than last year’s, is achievable, she added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: BRC

Retail | On 4th Jul 2020

UK retailers collaborate to combat climate change

Twenty UK retailers have signed a declaration to develop a road map...

Pic: Thika Cloths Mills

Apparel/Garments | On 4th Jul 2020

Hope for Kenyan fabric manufacturer after govt order

Kenya's Thika Cloths Mills that was on the brink of closure following ...

Pic: Canopyplanet

Apparel/Garments | On 4th Jul 2020

Amazon is part of CanopyStyle initiative

Amazon, the largest online retailer, has joined CanopyStyle...

Interviews View All

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Textile Industry, Head honchos

Textile Industry
Head honchos

Cooperate and collaborate for greater good

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Larry Fontana,

Larry Fontana

Italy-based Lafer SpA is one of the most innovative surface finishing...

Roz Guarnori,

Roz Guarnori

FESPA Global Print Expo 2019, to be held in Munich from May 14-17, is...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

Leave your Comments


July 2020

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


Advanced Search