Vietnam, Taiwan boast huge potential for trade cooperation

Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (Photo: VNA)

HCM City (VNA) – Vietnam and Taiwan (China) boast substantial potential for trade and investment cooperation, especially in building supply chains in production and processing, experts said at a forum in Ho Chi Minh City on July 2. 

According to Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), Taiwan’s total direct investment capital in Vietnam exceed 31 billion USD, mainly focusing on production and processing, significantly contributing to the country’s annual export revenue, particularly garment-textile and footwear. 

Vietnam has become attractive to foreign investors, including those from Taiwan, he said, noting the country hopes that Taiwanese businesses will develop support products and assist local firms in joining the global value chain.

Wang Wen-yuan, Chairman of Taiwan’s Chinese National Federation of Industries, said Vietnam is an investment destination Taiwan has targeted in its development strategy, adding that Taiwan wants to invest in garment-textile, footwear and support industry in Vietnam in the time ahead. 

Vu Duc Giang, President of the Vietnam Textile and Apparel Association (VITAS), highlighted Taiwanese enterprises’ contributions to Vietnam’s garment-textile export revenue over the past years. 

VITAS hopes to soon set up an information exchange channel with Taiwanese garment-textile firms in Vietnam in order to connect supply sources of materials with the local garment-textile sector, he said. 

Giang called on Taiwanese businesses to increase investments in yarn, weaving and dying steps in Vietnam to ease the country’s shortage of materials. 

Zhan Zhengtian, President of the Taiwan Textile Federation, described Vietnam as an attractive destination for many Taiwanese garment-textile investors. 

Vietnam is Taiwan’s biggest garment-textile importer with revenue exceeding 2 billion USD each year, he added. 

Vietnam’s increasing demand for materials is the opportunity for Taiwanese firms to step up investments and set up links with local partners to develop the supply chain, he said. 

Besides, Taiwan can help Vietnam with dying and weaving technologies, and high-quality personnel training in fashion design and product development, helping to raise added values for Vietnamese garments-textiles in the coming time, he said.-VNA