Textile and garment enterprises across Vietnam have launched new projects to enhance capacity, complete supply chains, and explore new FTAs. According to Vietnam Plus, one such company is Century Synthetic Fiber Corporation, which recently approved a $120 million investment plan for the Unitex synthetic fibre factory project in Tay Ninh province. Investment will increase the plant’s capacity to 120,000 ton per year making Century Fiber Corporation he second-largest fibre producer in the country.
The Viet Tien Garment Corporation also plans to invest 300 billion VND ($13 million) in several projects this year, including 100 billion VND ($4.3 million) in the establishment of the Viet Thai Tech Co. Ltd, with a view to securing raw material resources.
Similarly, the Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM) will start construction of its Vinh Long 2 factory this year. With an investment capital of $10 million the factory can manufacture 9 million items a year.
Vietnam has become the third-largest textile exporter in the world, after China and India. Its textile-garments industry enjoys advantages from a number of FTAs that are a driving force for them to continue investing in expanding production. These new investment projects, especially in the production of raw materials such as yarn and fabric, will resolve shortages of input materials in the industry.