More than 400 million USD in FDI have been pumped into the garment-textile sector in the southern province of Binh Duong after the signing of the Trans-Pacific Partnership Agreement.
Binh Duong (VNA) – More than 400 million USD in foreign direct investment (FDI) have been pumped into the garment-textile sector in the southern province of Binh Duong after the signing of the Trans-𓆉Pacific Partnership (TPP) Agreement, excluding billions of USD of 460 current active projects.
According to the provincial Department of Industry and Trade, most of new apparel projects focus on support industry and fabric material, a positive signal to support the domestic garment-textile industry.
Vice Chairwoman of the Binh Duong Garment-Textile Association Phan Le Diem Trang said domestic businesses have received numerous orders from traditional markets such as the US and Europe for 2016.
The advantages from free trade agreements (FTA) and TPP deal are forecast to bring more orders to domestic apparel enterprises, she said, adding that the increasing flow of FDI in Vietnam and Binh Duong in particular is a huge benefit, which helps increase the export proportion for Vietnam.
However, the TPP regulations on the origin of the products are posing a number of challenges for domestic investment enterprises.
Trang pointed to difficulties facing domestic firms such as lack of capital and human training.
This will push local businesses to do outwork or work for FDI companies, she analysed.
She also expressed her concern over the provincial business community is still seeking connectivity in TPP integration while hundreds of FDI businesses have taken a quick step to dominate and benefit from the Vietnamese playground.
Garment-textile is currently one of the 26 key export industries in Binh Duong. Since the beginning of 2016, the sector has exported over 550 million USD worth of goods, a year-on-year increase of 9 percent. The number of orders has filled the whole year.
In 2015, the local export turnover surpassed 2 billion USD partly thanks to the garment sector.
There are over 560 apparel firms in Binh Duong, including more than 100 domestic investment companies.-VNA
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Illustrative image (Source: VNA)
