More projects of the textile and garment sector licenced

By KIM BAO |

(QNO) - In the first 4 months of 2015, Quang Nam province licenced for 17 new domestic and foreign investment projects. 7 of them were from textile, dyeing and  and garment sectors.

The greatest project is the Fibre-Dyeing and Garment Complex which is under construction in Que Son district. The total capital of this project is 55,5 million USD and invested by Vietnam National Textile and Garment Group (VINATEX). The investor expects this construction will be completed and brought into operation after two years of building. The total annual revenue should reach 2,000 billion VND.

Other projects include a 30 million USD textile-garment-dyeing factory financed by the Panko Tam Thang company of the Republic of Korea; a Onewoo garment manufacturing plant capitalised at 6 million USD and a Taiwanese apparel factory valued at 4 million USD in Thuan Yen industrial zone.

Reportedly, several companies from China, Hong Kong, Taiwan, Japan, the US and the Republic of Korea have visited Quang Nam  province to seek relevant investment opportunities. A dozen investment agreements to develop textile and garment projects were inked between with Quang Nam provincial Investment Promotion and Enterprises Support Agency and these foreign investors.

According to economy experts, the new investment flowing into garment and textile industry in Vietnam in general and Quang Nam province in particular is predictable. Especially, these investors want to explore the potentials and get benefits as Trans-Pacific Partnership Agreement (TPP) will be signed and Vietnam is a member.

The materials, finished products in textile industry imported from TPP member states will be exempted from tariff with high rates. Once Vietnam joins the TPP, the average tax on Vietnamese garments will fall from the current 17 or 18 percent to zero.

By KIM BAO