Nguyen Thi Tuyet Mai, Secretary General of the Vietnam Textile & Apparel Association (Vitas) says, Vietnam is one of the world’s leading destinations for investors in the textile & garment industry due to the bilateral and multilateral agreements that the country has signed. Vietnam joined 16 FTAs, of which the two new-generation FTAs – CPTPP and EU-Vietnam FTA — are expected to facilitate the development of the industry.

Taiwanese company Far Eastern Apparel recently received an investment certificate to implement a $25 million garment project in VSIP II-A IZ in Binh Duong province of Vietnam. The company also signed a contract for leasing more land to expand its investment in its cloth and chemical fibre project in Bau Bang IZ.

Similarly, Singapore-based Herberton launched a textile and garment project, Ramatex in the Nam Dinh, with total investment capital of $80 million. The project is expected to become operational the next year and generate 3,000 jobs. Meanwhile, Japanese Itochu has spent 5 billion yen ($47 million) to acquire 10 per cent of Vinatex’s shares more, raising its ownership ratio in the Vietnam’s largest textile & garment group to 15 percent.