The central province of Quang Nam is welcoming an investment capital inflow into garment and textile sector.
Seven out of 12 newly licensed projects are from the sector, the Cong Thuong (Industry and Trade) newspaper reported.
The most prominent project was a fiber-weaving-dying and garmentcomplex worth 1.2 trillion VND (55.5 million USD). Developed by theVietnam National Textile and Garment Group in Que Son district, thecomplex is slated for completion within two years and expected to earn 2trillion VND (92.59 million USD) annually.
Otherprojects include a 30 million USD textile-garment-dyeing factoryfinanced by the Republic of Korea (RoK)-invested Panko Tam Thangcompany; a Onewoo garment manufacturing plant capitalised at 6 millionUSD; and a Taiwanese apparel factory valued at 4 million USD in ThuanYen industrial zone.
Vo Van Hung, head of theprovincial Investment Promotion and Enterprises Support Agency, saiddomestic enterprises and their foreign peers coming from the RoK, Chinaand Taiwan have visited the province to seek relevant investmentopportunities.
A dozen investment agreements to develop textileand garment projects were inked between the agency and these foreigninvestors, Hung said.
According to analysts, the newinvestment inflow into garment and textile industry is predictable, asVietnam will potentially reap benefits Vietnam once the Trans-PacificPartnership Agreement is signed.
Several companiesfrom China, Hong Kong, Taiwan, Japan, the US and the Republic of Koreahave poured money in the sector, according to Thoi Bao Tai Chinh(Finance Times) newspaper.
The textile and garmentindustry in TPP member countries is expected to benefit the most fromthe trade deal, with products made from domestically sourced materialsor imported from TPP member states being exempt from tariff whenexported to signatory countries.
Le Tien Truong,Vice Chairman of the Vietnam Textile and Apparel Association, said up to60 percent of the country's textile and garment exports go to membercountries.
Analysts estimate that once Vietnam joins theTPP, the average tax on Vietnamese garments will fall from the current17 or 18 percent to zero.-VNA
Seven out of 12 newly licensed projects are from the sector, the Cong Thuong (Industry and Trade) newspaper reported.
The most prominent project was a fiber-weaving-dying and garmentcomplex worth 1.2 trillion VND (55.5 million USD). Developed by theVietnam National Textile and Garment Group in Que Son district, thecomplex is slated for completion within two years and expected to earn 2trillion VND (92.59 million USD) annually.
Otherprojects include a 30 million USD textile-garment-dyeing factoryfinanced by the Republic of Korea (RoK)-invested Panko Tam Thangcompany; a Onewoo garment manufacturing plant capitalised at 6 millionUSD; and a Taiwanese apparel factory valued at 4 million USD in ThuanYen industrial zone.
Vo Van Hung, head of theprovincial Investment Promotion and Enterprises Support Agency, saiddomestic enterprises and their foreign peers coming from the RoK, Chinaand Taiwan have visited the province to seek relevant investmentopportunities.
A dozen investment agreements to develop textileand garment projects were inked between the agency and these foreigninvestors, Hung said.
According to analysts, the newinvestment inflow into garment and textile industry is predictable, asVietnam will potentially reap benefits Vietnam once the Trans-PacificPartnership Agreement is signed.
Several companiesfrom China, Hong Kong, Taiwan, Japan, the US and the Republic of Koreahave poured money in the sector, according to Thoi Bao Tai Chinh(Finance Times) newspaper.
The textile and garmentindustry in TPP member countries is expected to benefit the most fromthe trade deal, with products made from domestically sourced materialsor imported from TPP member states being exempt from tariff whenexported to signatory countries.
Le Tien Truong,Vice Chairman of the Vietnam Textile and Apparel Association, said up to60 percent of the country's textile and garment exports go to membercountries.
Analysts estimate that once Vietnam joins theTPP, the average tax on Vietnamese garments will fall from the current17 or 18 percent to zero.-VNA
