Local bank to spend 2 billion USD to assist apparel firms
The Bank for the Investment and Development of Vietnam (BIDV) commits to offering 2 billion USD to garment firms over the next five years, stated BDIV Chairman Tran Bac Ha on September 30.
The Bank for the Investment and Development of Vietnam (BIDV) commits to offering 2 billion USD to garment firms over the next five years, stated BDIV Chairman Tran Bac Ha during a workshop held on September 30.
Given that China is scaling down its domestic production for export due to increasing labour and land costs, Vietnam is emerging as a potential destination for foreign investors, he said.
This opportunity requires Vietnamese enterprises to restructure if they want to compete and integrate effectively, added Ha.
BIDV’s financial support will be channelled into material area development, trade promotion and market expansion.
Phan Chi Dung, Director of the Light Industry Department under the Ministry of Industry and Trade, said that by joining bilateral and multilateral free trade agreements (FTAs), Vietnam will gain deeper access to the world’s large economies, including the main markets of Vietnamese garments such as the US, the EU, Japan and the Republic of Korea.
He underscored tariff eliminations resulting from FTAs as an expected boost for Vietnamese exports.
According to Industry and Trade Deputy Minister Do Hai Thang, garment-textile is among sectors that will most benefit from FTAs once they take effect.
Opportunities are coupled with major challenges that will face the sector, such as origin specifications and regulations issued by import countries, he said, adding that capital mobilisation is also challenging garment and textile businesses and most of them are small- and medium-sized.
Vietnam has been listed among the world’s top ten garment-textile exporters with an annual average growth rate of 15 percent over the past five years.
In 2014, the country earned 20.9 billion USD from shipping garments and textiles abroad.-VNA
Central Thua Thien-Hue province earned about 263 million USD form textile-garment shipments in the first eight months of this year, accounting for 63 percent of the total export value in the period.
Regulations on the origin of goods will present challenges to Vietnam’s textile and garment sector once free trade agreements, especially the looming Trans-Pacific Partnership (TPP), come into force.
Thai businesses are promoting investment in Vietnam in sectors that are expected to benefit from free trade agreements, including garment-textile and footwear.
Claudio Dordi, Chief Advisor of the EU-MUTRAP has suggested Vietnamese garment-textile and leather footwear businesses pay more attention to product origin rules and increase distribution channels.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
A garment factory (Photo: VNA)
