Vietnam's textile industry has become a hot industry for attracting investment

by:JIYALI     2021-08-11
Due to the high quality of the labor force of Vietnamese textile enterprises and the low labor price, and the continuous improvement of Vietnam's foreign trade environment after joining the WTO, the Vietnamese textile and garment industry has become a popular industry for attracting foreign investment. Statistics from the Vietnam Textile Association show that as of the end of 2007, the Vietnamese textile industry had attracted a total of US$5.4 billion in foreign direct investment. Among them, the investment amount of Chinese textile enterprises in Vietnam's textile industry ranks first among countries (regions), with an investment amount of US$2.3 billion. Secondly, South Korean companies invested 1.6 billion U.S. dollars, and Hong Kong companies invested in Vietnam's textile industry in third place. In 2007, the Vietnamese government approved 70 foreign investment projects in the textile industry, with an average investment amount of approximately US$5.5 million per project.
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