Foreign garment and textile producers are expanding their operations in Vietnam to take advantages in the Vietnamese market, according to the Vietnam Textile & Apparel Association.
The association held that various free trade agreements, to which Vietnam is a signatory, is a locomotive for the sector to lure both domestic and foreign investors.
Some international corporations from Hong Kong (China) and Japan have decided to further invest in the garment and textile sector in several northern and central provinces, such as Nam Dinh, Ha Nam, and Thanh Hoa.
Besides helping the sector reduce its dependence on imported raw materials, FDI capital has played an important role in reducing manufacturing time and transport costs, making products more competitive.
In the first quarter of 2024, Vietnam gained nearly 8 billion USD from garment and textile export revenue, with FDI firms contributing over 60% of the total./.
