Hong Kong investors have increased their investments in textile and dyeing projects in Vietnam in anticipation of cashing in on new opportunities when Vietnam joins the Trans-Pacific Partnership (TPP) and has move up to second position among biggest investors in Viettnam in 2014.
HongKong has surpassed other major investors such as Japan, Singapore and Taiwan, according to the Vietnamese Ministry of Planning and Investment (MPI). Companies from Hong Kong had assured over US$3 billion for 99 new and 23 operational projects in Vietnam in 2014, with huge investments in the textile-dyeing sectors and property.
Huafu planned US$136 million for a project in southern Long An province’s Thuan Dao Industrial Park to dye 20,000 tons of cotton and produce 30,000 tons of yarn annually. Nam Phuong Textile Company has started construction on a US$120 million textile project at Viet Huong 2 Industrial Park in southern in Southern Vietnam’s Binh Duong province.
Phase one of Texhong Hai Ha Industrial Park in northern Vietnam’s Quang Ninh province was initiated in November 2014. The project has investments from Texhong Hai Ha Industrial Park under the Hong Kong group Texhong with a cost of VN$4.52 trillion (US$212.7 million).
So far, Hong Kong has invested in 17 out of 21 sectors in Vietnam. Of which, processing and manufacturing made up the largest investments of Hong Kong investors with 409 projects having a combined capital of US$7.06 billion, according to the ministry.
A Hong Kong invested project in Vietnam costs US$17.8 million on average while the average investment of a foreign project in Vietnam is US$14.3 million.
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