According to Vietnam’s “Vietnam News” on August 8, in order to meet the development needs of Vietnam’s textile and apparel industry and supporting accessories by 2025, Vietnam urgently needs US$22 billion in foreign investment funds to develop the industry. The textile and garment industry is Vietnam’s third largest export sector, with exports reaching US$28 billion in 2016. However, it is difficult for Vietnam to provide textile raw materials. In order to achieve this export value, Vietnam’s textile and garment industry consumes 8.9 billion square meters of fabrics, of which only 2 billion square meters of fabrics are produced by local Vietnamese companies, and the remaining 6.9 billion square meters rely on imports (the import value reaches 17 billion Dollar).
According to the Vietnam Cotton Spinning Association, in addition to funds, foreign textile companies can bring advanced technologies to Vietnam for the coordinated development of the entire production chain of textile, fiber, weaving, dyeing, and design. This is an important step for Vietnamese textile companies to obtain technology and The best opportunity to learn advanced experience. Vietnam’s participation in multiple free trade agreements will make the industry more commercially valuable and have internal advantages. Vietnam has favorable factors such as foreign labor, infrastructure, and low-cost water and electricity supply, and is expected to attract more foreign investment in the textile industry. Vietnam still needs US$22 billion in foreign investment to develop the textile and apparel industry
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