;
Home / Knowledge / News / Apparel/Garments / Vietnam's garment sector turns appealing for FDI investors

Vietnam's garment sector turns appealing for FDI investors

08
Jan '19
Vietnam
Vietnam’s textile and garment industry has become increasingly appealing to large foreign investors who want to seize opportunities with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) getting effective in January, analysts say. Many German and US companies manufacturing garment items are expanding their presence in the country.

The Vietnam Textile and Apparel Association (VITAS) welcomed many foreign textile and garment producers visiting Vietnam to explore investment opportunities in 2018, said VITAS vice president Truong Van Cam. VITAS is hopeful of more foreign direct investment (FDI) projects to arrive in the coming years.

Germany’s Amann Group, one of the world’s top three leading producers of high-quality sewing and embroidery threads, is expanding its network in Asia to Vietnam with a new factory being constructed on a at the Tam Thang Industrial Park in the central province of Quang Nam. Amann has factories in Bangladesh, China, India, and Indonesia.

The group will produce around 2,300 tonnes of sewing threads per year at the new production site, mainly for apparel and shoe manufacturers, according to a news agency report. The first phase of the project is scheduled to commence in late July.

US-based Kraig Biocraft Laboratories Inc., which manufactures spider silk-based yarn, is working with agricultural cooperatives in Quang Nam to expand mulberry production and develop high-performance silk in Vietnam.

The firm plans to set up a centre for silk research and development (R&D) and grow about 2,500 hectares of mulberry to support spider silk in the country.

The domino effect generated by FDI expansion in the textile and garment sector has also led to a rise in the number of foreign suppliers of machinery and equipment for the industry.

In June last year, ILLIES Vietnam, a member of the German C. ILLIES & Co. and a leading distributor of industrial textiles machinery and equipment, announced expansion of its portfolio in the spinning sector. It now provides machines and spare parts for short-staple yarn-spinning systems for the Rieter Group and the local textile market.

In the first quarter of this year, the company will open a repair centre for mechanical and electrical parts of Rieter machines.

VITAS statistics show nearly $15.9 billion in FDI had been injected into more than 2,090 textile and garment projects in Vietnam by 2017 end. In the first half of 2018, the industry attracted $2.8 billion in FDI. The sector expects to earn $35 billion from exports this year. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Myanmar requests EU not to revoke trade preference

Apparel/Garments | On 21st Jan 2019

Myanmar requests EU not to revoke trade preference

Myanmar Government officials and businesses have requested the...

Tanzania spends Sh7 bn to boost cotton production

Textiles | On 21st Jan 2019

Tanzania spends Sh7 bn to boost cotton production

Tanzania has injected Sh7 billion for distribution of insecticides...

ILO welcomes Bangladesh decision to revisit minimum wages

Apparel/Garments | On 21st Jan 2019

ILO welcomes Bangladesh decision to revisit minimum wages

The International Labour Organisation (ILO) country office in...

Interviews View All

Poojaa Kumar Deepak, Zeven

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Nitesh Mittal,

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

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

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> 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

Leave your Comments


January 2019

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

news category


Related Categories:

Advanced Search