FOREIGN APPAREL FIRMS EXPAND PRODUCTION IN CITY

Nearly one year ago, Worldon applied to nearly double its registered investment to US$300 million to scale up the production capacity of its factory on 45 hectares in Dong Nam Industrial Park.

The company will lease an additional seven hectares to build dorms for its workers.

Worldon plans to open a center for fashion design and high-quality apparel this March.

Ma Jianrong, chairman of Worldon (Vietnam) Co. Ltd., said the expansion followed its fabric project which is now in progress in Tay Ninh Province and will be equipped with modern technology.

Previously, the HCMC Export Processing and Industrial Zone Authority (Hepza) said Worldon was preparing for business opportunities which would come when Vietnam signs the Trans-Pacific Partnership (TPP) agreement, which is under negotiation. The investor said all the products made in Vietnam would be exported to the United States, Europe and Japan.

Nobland Vietnam Co. Ltd. under South Korea-based Nobland International was licensed to inject an additional US$18 million into its project in the city.

C K Kim, general director of Nobland Vietnam, said the extra investment would go to installing modern equipment at its factory in Tan Thoi Hiep Industrial Zone.

Nobland Vietnam currently turns out over 64 million products a year and is expected to make 11 million more items a year for export to the U.S. and Europe.

The company, which had initial capital of a mere US$3 million, has been operational in the city for 12 years.

Vietnam will be able to speed up apparel exports to other member states of the TPP when this multilateral trade pact is signed. But a yarn forward regulation of the trade pact will require the country to use domestic materials or those imported from other TPP members.

However, experts have raised concerns that foreign investors’ apparel projects may dent the city’s effort to restrict investments in labor-intensive sectors.

Source: The Saigon Times

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