Business

Binh Duong sees foreign investment boom in garment sector

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.

Over 50 percent of the 1 billion USD in foreign direct investmentthat landed in the southern province of Binh Duong was poured into thegarment sector in the first six months of this year, according to NguyenThanh Truc, Director of the provincial Department of Planning andInvestment.

The province has granted an investment certificate toPolytex Far Eastern Co., Ltd under the Taiwan Far Eastern Group. Withan investment of 274 million USD in the first phase, the company willconstruct a 99-hectare plant producing auxiliary products includingcotton, synthetic and knitted fibres at Bau Bang industrial Park.

This is the largest investment project in the locality since the outset of this year.

Asthe Trans-Pacific Partnership Trade pact enters the final rounds ofnegotiation, foreign investors are making huge investments in Vietnam totake advantage of preferential export taxes, Truc said.

In thefirst two quarters of this year, provincial garment export revenuereached over 904 million USD, rising 11.2 percent from the same periodlast year and accounting for 10.6 percent of the total exports in thelocality.-VNA

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