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China to invest $220m in Billion Vietnam polyester synthetic fiber plant

Vietnam has seen an increasing in FDI from China in the first two months of 2017, reveals Foreign Investment Agency (FIA) data. In January and February Chinese investors have registered to implement 123 projects. Among the the Chinese investments during the period is the $220 million in Billion Vietnam polyester synthetic fiber plant in central Tay Ninh province.

As per local economist Le Xuan Nghia Chinese investments are likely to continue. In fact, this trend would spill over into other Southeast Asian countries such as the Philippines, Malaysia, and Thailand. The reason: Vietnam is participating in the Trans-Pacific Partnership free trade negotiations.

Chinese investors have been pouring their money into giant projects in Vietnam and China has become the second largest FDI contributor to Vietnam, after Singapore. In the January-February period a total of $721.7 million came to Vietnam from Chinese FDI. In the two-month period, FDI investments in Vietnam were up 152.78 per cent year-on-year and investment in textile plants now accounts for 21 per cent of the country's total FDI. Chinese investment in Vietnamese textiles will enable Vietnam to have more advanced technology in their textile plants.