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Media reports maintained this citing industry insiders.
Vu Duc Giang, Chairman of the Vietnam Textile & Apparel Association (VITAS), highlighted the expansion of foreign garment and textile producers within Vietnam to capitalise on its market even as he emphasised the pivotal role of free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam FTA (EVFTA), and Regional Comprehensive Economic Partnership (RCEP), in attracting both domestic and foreign investors.
In the first quarter of 2024, Vietnam’s garment and textile export revenue surpassed $8 billion, with FDI firms contributing over 60 per cent of the total.
Notably, the management board of industrial parks in Nam Dinh province issued an investment certificate to Crystal International Group, based in Hong Kong, for its Yi Da Denim Mill project worth $60 million.
Crystal International Group runs several plants across northern and southern Vietnam, contributing to significant export revenue and job creation.
Similarly, YKK Corp., the world’s leading zipper producer, expanded its operations in Vietnam with a second plant in Ha Nam province.
Moreover, SAB Industrial Vietnam Company Limited, part of China's Weixing group, also inaugurated a $62 million factory in Thanh Hoa province, producing various items like zippers and buttons.
This investment not only reduced reliance on imported raw materials but also enhanced product competitiveness by cutting manufacturing time and transport costs.
The resurgence in FDI underscores Vietnam’s attractiveness as a manufacturing hub and its strategic position in the global supply chain.
Fibre2Fashion News Desk (DR)