Vietnam Textile Industry Hopes To Attract More Taiwan Investors

Although Taiwan is already the largest foreign direct investor in Vietnam's textile industry, Vietnam's textile industry still wants to attract more investors.

Le Tien Truong, vice president of Vinatex, said that local businesses said that Taiwan investors could help Vietnam expand some areas of construction, such as fashion design, trademark building and global sales system.

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

Ruey Guang Tzou, head of the Taiwan Textile Association (TTF) market, said Taiwan enterprises are very interested in Vietnam's textile market and will continue to provide raw materials for Vietnam's textile industry.

Vietnam's local source of goods can only meet about 30% of raw material demand, while surplus demand will be imported from many countries and regions, of which Taiwan is the largest supplier.

Tzou said Taiwan could also invest in Vietnam's knitted and dyeing factories to ensure quality products.

In order to attract more investors in Taiwan, TTF and the Taiwan Foreign Trade Development Council (Taitra) have jointly held a meeting. 15 Taiwan enterprises and Vietnamese local enterprises attended the meeting.

In addition to investment, Taiwan is the largest importer of Vietnamese textiles, and Vietnam exported to Taiwan in 2007 to US $200 million.

Vietnam set a target of $25 billion for textile and clothing exports by 2020.

Nien Hsing, one of Taiwan's largest textile and garment enterprises and trade blocs, recently invested $10 million in Vietnam's Ninh Binh province to build a jeans production plant.

This is the third factory built by this company in Vietnam.

The factory covers an area of 16.4 hectares, and its products will be used for export.