The Vietnamese textile industry has attracted more than $750 million FDI in the first six months of this year. In early 2017, Chinese investors invested $220 million in the Billion Vietnam polyester synthetic fiber plant. However, other capital flows consist mostly of capital expansion investments in existing projects.
The Far Eastern Group from Taiwan increased its investment capital by $485.8 million in its polyester and synthetic fiber production project, Far Eastern Polytex. The project was green lighted in June 2015, with a registered investment capital of $274 million, and the capital increase will push the total registered investment to approximately $760 million dollars. This capital increase of nearly $500 million makes Far Eastern Polytex one of the largest projects to be certified in 2017.
As one of the largest textile exporters in Asia, Vietnam’s total value of garment and textile exports has increased in the last decade. In 2017, the industry is expected to grow by seven per cent. In recent years, thanks to competitive labor costs and preferential policies, Vietnam has become the ideal destination for investors in the textile industry.
The amount of FDI in textile and apparel industry in the last decade has helped Vietnam become one of the five largest textile and apparel exporters in the world.