Vietnam Textile Industry Hopes to Lure More Taiwan Investors

HANOI, May 13 Asia Pulse - Though Taiwan is already the largest foreign direct investment contributor to Vietnamese textiles, Vietnam s textile industry is attempting to lure still more investors.

Local enterprises have expressed hopes that Taiwan investors could enhance sectors like fashion design, trademark building and the world distribution system, said Le Tien Truong, deputy director of the Vietnam Garment and Textile Corporation (Vinatex).

According to statistics from the Vietnam Textile Association (Vitas), there are about 500 foreign textile and garment enterprises operating in Vietnam, of which 150 are Taiwanese.

Market director of the Taiwan Textile Federation (TTF) Ruey Guang Tzou said that Taiwan enterprises were very interested in the textile market of Vietnam and would continue to provide raw materials for the industry.

Local sources supply only around 30 per cent of raw materials needed for production, the remainder is imported from many countries and territories, of which Taiwan is the largest provider.

Taiwan would also invest in knitting and dying factories in Vietnam to ensure high-quality products, Tzou said.

To attract more Taiwan investors, Vitas, the TTF and the Taiwan External Trade Development Council (Taitra) have jointly organised a meeting between 15 Taiwanese and local enterprises.

Focusing on more than just investment, Taiwan is also the largest importer of Vietnamese textiles, with Vietnam s export value to Taiwan reaching US$200 million in 2007.

Vietnam has set a US$25 billion target for textile and garment export turnover by 2020.

Nien Hsing Co. Ltd, one of Taiwan s leading textile and garment producers and trading groups recently invested US$10 million in a jeans production factory in northern Ninh Binh province.

This is the company's third factory in Vietnam following the effective operation of its two other factories in Thai Binh.

The factory spans 16.4 ha and its products will be geared for export.

(VNA)

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