HANOI, April 23 (Xinhua) -- The flow of foreign direct investment (FDI) into the Vietnamese garment and textile sector has rebounded thanks to the country's favorable investment climate and abundant workforce as well as its open economy, the online newspaper VietnamNet reported Tuesday, citing industry insiders.
The report cited Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association, as saying that foreign garment and textile producers are expanding their operations in Vietnam.
According to the association, the FDI flow into the textile sector increased sharply in the last quarter of 2023 and the first quarter of 2024.
Besides helping the sector reduce its dependence on imported raw materials, FDI capital has played an important role in reducing the manufacturing time and transport costs, making products more competitive, Vietnam News Agency reported.
Vietnam earned nearly 8 billion U.S. dollars from garment and textile exports in the first quarter this year, with FDI firms contributing over 60 percent of the total, said the association. ■
