Over 50 percent of the 1 billion USD in foreign direct investment that landed in the southern province of Binh Duong was poured into the garment sector in the first six months of this year, according to Nguyen Thanh Truc, Director of the provincial Department of Planning and Investment.
The province has granted an investment certificate to Polytex Far Eastern Co., Ltd under the Taiwan Far Eastern Group. With an investment of 274 million USD in the first phase, the company will construct a 99-hectare plant producing auxiliary products including cotton, synthetic and knitted fibres at Bau Bang industrial Park.
This is the largest investment project in the locality since the outset of this year.
As the Trans-Pacific Partnership Trade pact enters the final rounds of negotiation, foreign investors are making huge investments in Vietnam to take advantage of preferential export taxes, Truc said.
In the first two quarters of this year, provincial garment export revenue reached over 904 million USD, rising 11.2 percent from the same period last year and accounting for 10.6 percent of the total exports in the locality.-VNA
