Vietnam's textile industry hopes to attract more Taiwanese investors

by:JIYALI     2021-08-14
Although Taiwan is already the largest foreign direct investor in Vietnam's textile industry, the Vietnamese textile industry still hopes to attract more investors.  Vinatex Vice President Le Tien Truong said that local companies have said that Taiwanese investors can help Vietnam expand in certain areas, such as fashion design, trademark construction, and global sales system.   According to the statistics of the Vietnam Textile Association (Vitas), there are about 500 foreign textile and garment enterprises in Vietnam, 150 of which are operated by Taiwanese.  Taiwan Textile Association (TTF) market leader Ruey Guang Tzou said that Taiwanese companies are very interested in the Vietnamese textile market and they will continue to provide raw materials to the Vietnamese textile industry.   Vietnam’s local supply can only meet about 30% of the raw material demand for production, and the remaining demand is imported from many countries and regions, of which Taiwan is the largest supplier.   Tzou said that Taiwan can also invest in knitting and printing and dyeing factories in Vietnam to ensure the quality of high-quality products.   In order to attract more Taiwanese investors, TTF and the Taiwan Foreign Trade Development Council (Taitra) have jointly held a meeting. 15 Taiwanese companies and local Vietnamese companies participated in the meeting.   In addition to investment, Taiwan is also the largest importer of Vietnamese textiles. In 2007, Vietnam’s exports to Taiwan reached US$200 million.   Vietnam has set a target of 25 billion U.S. dollars in textile and apparel exports by 2020.   Nien Hsing, one of Taiwan’s largest textile and apparel companies and trading groups, recently invested US$10 million in the establishment of a jeans production plant in Ninh Binh Province, Vietnam.   This is the third factory built by this company in Vietnam. The factory covers an area of u200bu200b16.4 hectares and its products will be exported.
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