FDI accounts for 65 per cent of the garment-textile industry’s export turnover.

VITAS said many large corporations from China, Japan, India, South Korea and Taiwan are investing in building modern factories in the country.

Singapore’s Sanbang Co Ltd began construction of a plant for towels, fabrics, DTY yarn at Rang Dong Textile Industry Park in the northern province of Nam Dinh in late September with a total investment of 673.5 billion VND ($30 million). The plant is expected to become operational in the fourth quarter next year.

Many other major projects are under way. These include a $203-million textile dyeing factory by Top Textiles Co Ltd of Japan’s Toray Group at the park, a domestic media outlet reported.

An investment license was granted in February this year to Hong Kong’s Crystal International Limited Group to modernise the Yi Da Denim Mill Co Ltd with a total investment of nearly 1.47 trillion VND ($60 million).

SAB Industrial (Vietnam) Company Limited of the Weixing Group inaugurated a $6-million plant producing clothing accessories in the Bim Son Industry Park in the northern central province of Thanh Hoa in March.

Fibre2Fashion News Desk (DS)