VinFast customers to access extensive network of 700,000 charging points in Europe
The Vietnam Textile and Apparel Association (VITAS) has reported that over $37 billion in foreign direct investment (FDI) has flowed into Vietnam’s textile and garment sector. This substantial investment has significantly boosted the sector’s production capacity and export turnover. With around 3,500 foreign-invested textile and garment projects in Vietnam, major investors from countries like South Korea, Taiwan, Hong Kong, and China have played a crucial role in contributing 65% to the sector’s total export turnover.
Vietnam’s textile and garment sector has seen a remarkable expansion in FDI, leading to increased scale and capacity. Despite facing challenges in 2023 due to shrinking demand from major markets like the United States and EU, the sector has shown signs of improvement in the first four months of 2024, with an export turnover of $10.3 billion, up 6.3% year-on-year.
The industry’s reliance on imports for raw materials like cotton and fabric has also seen a significant increase in import values. With leading localities in FDI attraction being Dong Nai, Binh Duong, Tay Ninh, Long An, Nam Dinh, Hai Duong, and Binh Phuoc, the sector continues to thrive and contribute to Vietnam’s economy.
In other news, the State Bank of Vietnam has directed its branches to closely monitor the gold market, with auctions of SJC-branded gold bars being conducted to increase the supply of gold bars. The price of gold has fluctuated significantly, reaching 92.5 million VND per tael, highlighting the importance of stable and transparent operations in the domestic gold market.
Additionally, Vietnam is looking to strengthen cooperation with Swedish partners, especially as the two countries celebrate the 55th anniversary of their diplomatic relations. The central city of Da Nang is seeking to promote collaboration with Swedish partners in various areas, including smart city development, infrastructure, and essential services.
Overall, these developments in the textile and garment sector, gold market, and international partnerships showcase Vietnam’s commitment to economic growth and innovation in various industries.
