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IPs, EPZs lure large FDI garment projects

Update: July, 16/2014 - 09:26

A production line at the Binh Thanh Import Export and Production Company in HCM City. — VNA/VNS Photo Thanh Vu

HCM CITY (VNS) — Industrial parks and export processing zones in HCM City attracted US$333.47 million in investment for the first half of the year, an increase of 55 per cent compared to the same period last year.

According to the HCM City Export Processing and Industrial Zones Authority (HEPZA), foreign enterprises invested $264.67 million of the total amount, a jump of 80 per cent compared to the same period last year,

The textile and garment industry received nearly $200 million, accounting for 82 per cent of total foreign direct investment during the period, according to Tran Viet Ha, head of HEPZA's Investment Management Department.

Ha attributed the surge in FDI projects in the textile and garment industry to the country's accession to the Trans-Pacific Partnership.

In particular, the Worldon Viet Nam Co.Ltd invested $140 million to build a garment factory in Dong Nam Industrial Park, while Sheico Viet Nam Co. Ltd. invested in a $50 million plant to produce fabric and garments.

Many projects in the garment and textile sector will likely pour more money into IPs and EPZs in HCM City this year, Ha said at a press meeting held yesterday.

In the first half of the year, domestic enterprises have invested a total of $68.8 million, a year-on-year increase of 1.2 per cent.

In addition, export turnover for enterprises in IPs and EPZs rose by 4.5 per cent to reach $2.3 billion.

HEPZA will develop industrial parks for support industries to attract investment in the mechanics, electronics and informatics sectors, said Ho Xuan Lam, head of HEPZA's administrative office.

Nearly 590 hectares of Hiep Phuoc Industrial Park-Phase II and 230 hectares of Le Minh Xuan No.3 Industrial Park will be set aside for the development of support industries, Lam said.

More than 271,800 labourers are working for enterprises in IPs and EPZs, an increase of 3,570 labourers compared to the same period last year. — VNS

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