South Vietnam turns into investment
hub for South Korea
South Vietnam has turned a major investment destination for
South Korea in recent years, with statistics from the key
southern economic region showing the latter has continually been
among the top sources of foreign direct investment (FDI) capital
there. The investment was mainly in industries like footwear,
fibre, textile, electronics and machinery manufacturing.
In 2018, South Korea took the lead in investing in Dong Nai
with about 40 projects worth over US$ 234.2 million. It ranked
second among foreign investors in Binh Duong with total
registered capital of over US$ 302 million.
The Binh Duong province administration recently licensed the
Kyungbang Vietnam Co. Ltd to raise its investment capital by US$
40 million to boost production capacity to 9,000 tonnes of
cotton fibres and 11,000 tonnes of blended fibres per year. With
this, the firm’s project now has a total capital of more than
US$ 219 million.
Country wants India to move forward
Vietnam wants cooperation from India in their advancement in
textile sector. Since India has strength in textile technology
and Vietnam is dependent on feed stock for its textile industry
from many countries, they could mutually benefit by
co-operation, says the Vietnam Chamber of Commerce and Industry
(VCCI). On this, Vo Tan Thanh, Director of VCCI’s HCM City
chapter said that the garment and textile sector happened to be
the country’s second largest export earner last year after
increasing by 17% to US$ 27.5 billion.
The sector urgently needs to invest in technologies to
produce its own raw materials so that it can benefit from the
FTAs, especially the TPP. India, the second largest garment and
textile producer in the world, has advanced technologies and
equipment at competitive prices, offering Vietnamese firms a