Want to be in the loop?
subscribe to
our notification
Business News
VIETNAM’S TEXTILE SECTOR BRINGS IN $37 BILLION IN FDI
Over $37 billion in foreign direct investment (FDI) has flowed into Vietnam’s textile and garment sector, according to the Vietnam Textile and Apparel Association (VITAS).
VITAS said that Vietnam was home to around 3,500 foreign-invested textile and garment projects worth $37 billion, boosting the sector’s production capacity and making a significant contribution to export turnover.
The foreign-invested enterprises play an important role in the textile and garment sector, contributing 65 per cent to the sector’s total export turnover. Major investors mainly come from South Korea, Taiwan, Hong Kong, and China. Among them, South Korea is the largest foreign investor in Vietnam’s textile and garment sector.
The expansion of foreign direct investment (FDI) has boosted both the scale and capacity of the local textile and garment sector. Vietnam is still the third-largest textile and garment exporter worldwide, trailing behind China and Bangladesh. In 2022, the country's textile and garment export turnover surpassed $44 billion, a huge leap from $2 billion in 2000.
In 2023, Vietnam’s textile industry posted an export turnover of $40.3 billion, down 10 per cent from the previous year due to shrinking demand from major markets like the United States and EU.
In the first four months of 2024, textile and garment orders have shown signs of improvement, with an export turnover of $10.3 billion, up 6.3 per cent on-year. The US is the top export market for Vietnam’s textile and garment products, followed by the EU, South Korea, China, and Japan.
The industry currently imports nearly all of its cotton and spends tens of billions of dollars on raw fabric each year. Over the past four months, cotton imports reached over $1 billion, an increase of 20.2 per cent on-year.
The import value of fabric was up 6.5 per cent to $4.34 billion. The figure for textile yarn was $833 million, an increase of 22.5 per cent. Meanwhile, $2.24 was spent to import raw materials for textiles, garments, and footwear, a rise of 18.9 per cent against last year’s period.
The leading localities in FDI attraction in the textile and garment sector are Dong Nai, Binh Duong, Tay Ninh, Long An, Nam Dinh, Hai Duong, and Binh Phuoc.
Source: VIR
Related News
MEMBER CORNER / PROMOTIONS
QUARTERLY PIT FILING FOR EMPLOYMENT INCOME APPLIES FROM APRIL 2026
Deloitte Vietnam would like to update members of HKBAV on a recent change to Personal Income Tax (“PIT”) filing procedures, which applies from April 2026 onwards. On 7 April 2026, the Government issued Resolution No. 66.16/2026/NQ-CP, setting out its direction to reduce and simplify administrative procedures and regulations affecting business activities. The Resolution took effect on 15 April 2026.
VIETNAM MONTHLY STATISTICAL DATA
INFOGRAPHIC SOCIAL-ECONOMIC PERFORMANCE IN APRIL OF 2026
The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.
HOSPITALITY / TOURISM / ENTERTAINMENT
PHU QUOC MAKES UP OVER 80% OF AN GIANG’S TOURISM REVENUE
Phu Quoc Special Zone has accounted for more than 81% of An Giang Province’s tourism revenue so far this year, while attracting nearly all international visitors to the province. Tourism revenue in An Giang has reached an estimated VND33.17 trillion in January-May, up 37.2% from a year earlier. The province has welcomed more than 13.3 million visitors, up 12.1%, while international arrivals have grown 48.4% to around 1.18 million, reported the Vietnam News Agency.
VIETNAM ECONOMY INVESTMENT
VIETNAM OUTLINES SUSTAINABLE AGRICULTURE AGENDA FOR NEXT FIVE YEARS
Vietnam’s agriculture sector has set targets of achieving average annual GDP growth of 3.6-4%, increasing export revenue by 10-12% per year, and cutting greenhouse gas emissions by 8-9% over the next five years. The targets form the core of a broader strategy to shift from low-value agricultural production toward higher-value products and build an ecological, green and low-emission agricultural sector with more efficient resource management.
BANKING / FINANCE / INSURANCE / TAX
OUTSTANDING LOANS IN HCMC, DONG NAI TOP VND6 QUADRILLION
Total outstanding loans in HCMC and Dong Nai City had amounted to VND6 quadrillion as of April 2026, accounting for 31.1% of the total in Vietnam’s banking system. The latest figures were released on May 26 by Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Area 2 branch, which oversees HCMC and Dong Nai City.
MEMBER CORNER / PROMOTIONS
KNIC OFFICIALLY HOLDS GENERAL CONTRACTOR CEREMONY FOR INFRASTRUCTURE CONSTRUCTION AT KNIC NAM LONG THANH IP
On May 21, 2026, KNIC officially launched the infrastructure construction for Phase 1 of KNIC Nam Long Thanh Industrial Park (Bau Can - Tan Hiep), spanning 1,000 hectares in Dong Nai. Following the completion of all key legal and planning procedures, this milestone marks the project’s transition into active on-site implementation.
Events Sponsors
