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Work begins on Rạng Đông IZ

Update: April, 19/2017 - 10:30
The Rạng Đông IZ — a large-scale zone dedicated to textile and garment industry — will cost about VNĐ5 trillion (US$213 million) in the first phase. — Photo rangdongip.com.vn
Viet Nam News

NAM ĐỊNH — Construction of Rạng Đông Industrial Zone (IZ), a large-scale zone dedicated to the textile and garment industry, starts on Tuesday in the northern province of Nam Định.

The IZ, the largest of its kind in the country, is one of Nam Định’s key projects, the provincial People’s Committee vice chairman Ngô Gia Tự said at the ground-breaking ceremony.

Currently, the textile and garment industry contributes 40 per cent of the province’s total production output, Tự said, expressing hope that once operational, the IZ will accelerate provincial development.

Financed by Rạng Đông Investment JSC, the zone costs about VNĐ5 trillion (US$213 million) in the first phase. It will cover 1,500 hectares in Nghĩa Hưng District, Trần Minh Hoan, head of the provincial IZs Authority, said

Once completed, the IZ will be able to produce one billion metres of fabric per year and employ thousands of people, Hoan said.

Nam Định has held a series of investment promotion activities in countries such as South Korea, Japan, Taiwan and the US to advertise investment opportunities in the IZ.

Several investors have shown interest in investing in the zone, he said.

The event also saw two Memorandum of Understandings (MoUs) inked between Rạng Đông Investment JSC and other investors. The MoUs focus on the development of a 40ha-garment and textile village and a weaving and dyeing factory.  

According to experts, developing large-scale IZs dedicated to the textile and garment industry will help Việt Nam improve its competitiveness and enjoy the benefits of preferential tariffs in free trade agreements.

The country’s garment and textile exports experienced a year-on-year increase of 11.2 per cent to US$6.84 billion in the first quarter of this year, according to the Việt Nam Textile and Apparel Association. — VNS

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