Taiwanese first foreign investors to invest in textile production chain in VN

YarnsandFibers News Bureau 2015-12-16 14:00:00 – Hanoi

Vietnam's fast-growing market has attracted a large number of Taiwanese companies with investment plans. In fact Taiwanese companies are among the first foreign investors in Vietnam with plan to invest in a textile production chain to benefit from the upcoming, Trans Pacific Partnership (TPP) said John Tang, director of the Taiwan Trade Centre (TAITRA) office in HCM City at a recent press conference.

Taiwanese businesses have pumped US$1.11 billion into 154 projects in Vietnam over past 11 months, making the territory one of the leading sources of foreign direct investment in the country, according to the Foreign Investment Agency's year review.

During the period, the processing and manufacturing sector attracted the largest share of investment with $890 million, about 80 percent of newly registered Taiwanese capital in the country.

The largest Taiwan-invested project is Polytex Far Eastern Vietnam's 99ha-plant, which will manufacture supporting products like cotton yarn and polyester, in Binh Duong's Bau Bang Industrial Zone. Investment was over $274 million for just the first phase.

Typically, Taiwanese investors have a tendency to invest in the country's key southern region due advantages in market and support industries, the report said. Binh Duong Province took the lead with $427 million, a third of total Taiwanese investment, with Dong Nai Province in second with $242 million.

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