Strong FDI inflows poured into textile and fiber projects

The first 11 months of 2019 saw a large amount of capital injected into various textile, dyeing, and fiber projects across the nation, according to information released by the Vietnam Textile and Apparel Association (Vitas).

Illustrative image (Source: Internet)

Throughout the reviewed period, the total foreign direct investment (FDI) being pumped into the textile and garment industry reached US$1.546 billion across 184 projects.

Hong Kong led the way in terms of FDI investment in the country’s textile and apparel industry with US$447 million, followed by Singapore (US$370 million), China (US$270 million), the Republic of Korea (US$165 million), and the Seychelles (US$103 million).

In addition to these nations, Vietnam’s textile and apparel industry also enjoyed US$61 million of total registered capital from Japanese investors, the United States with US$19 million, Taiwan with US$15 million, with a further US$100 million coming from other sources.

In terms of the localities receiving the largest capital in the textile and garment sector, Tay Ninh province tops the list with 16 projects capitalized at US$464 million. This is followed by Quang Nam that has 10 projects valued at US$107 million, Nghe An with three projects worth a total of US$210 million, and Thua Thien Hue with two projects worth US$213 million.

FDI inflows being put into the textile and apparel industry throughout last year saw surges in capital turn into various material projects.

This includes 90 textile projects worth US$1.245 billion, 24 dyeing projects valued at US$673.3 million, 109 garment projects with US$587.2 million of capital, 45 fiber projects with US$640.4 million, and three fiber production projects with a total registered capital of US$1.3 million.

VOV