Vietnam’s textile sector lured much less foreign capital than expected after the country joined the World Trade Organization, according to the annual report of the Association of Garment Textile Embroidery-Knitting.
Foreign investors were reluctant to invest in the industry because of concerns about the U.S government’s monitoring program which applies to certain categories of Vietnam’s textile and apparel products, said the report, which was released Thursday.
Foreign investors committed to invest about US$388 million in 76 projects in 2007, he said.
The commitment represents about two percent of Vietnam’s $20.3 billion record foreign direct investment last year.
Total investment in the sector amounts to about $5.4 billion.
The sources said foreign investment mainly focused on manufacturing items such as fabric, buttons and thread.
Manufacturing, which relies heavily on imports, is the sector’s weakest area.
The top foreign investors by nation were Taiwan with $2.3 billion, Korea with $1.6 billion and Hong Kong with $400 million.
Sunday, February 22, 2009
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