VN garment and textile sector did not attract any major FDI project this year

YarnsandFibers News Bureau 2016-06-29 16:00:00 – Hanoi

Vietnam’s garments and textiles sector this year did not receive any major FDI projects in the face of previously two years of surging investment in the industry. Alone last year, the sector attracted up to $1 billion in FDI for three major projects including Hyosung Đồng Nai (Turkey), Polytex Far Eastern (Taiwan) and Worldon ViệtnNam (Hong Kong).

According to Nguyễn Hồng Giang, general secretary of ViệtnNam Cotton and Spinning Association, the year 2015 marked a record high for investment in the sector as investors wanted to take advantage of opportunities presented by the new FTAs.

The decline in FDI in the sector should not be a cause for concern because it is still receiving attention from foreign investors.

The Việtnam Textile and Garment Association said that foreign investors would continue to keep an eye on the sector until 2018. However, localities have remained cautious when considering investors who require large numbers of labourers or large plots of land, such as garment and textile companies.

The Belgium Ambassador to Việtnam, Jehanne Roccas, at a conference held in Hà Nội recently said that garments and textiles would continue to receive attention from investors due to the advantages presented by export markets, lower tariffs and new investment flows.

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