Aurora IP makes Vietnam’s textile industry an ideal destination for foreign investors
In 2021, Vietnam surpassed Bangladesh to take the worlds second position in terms of textile and garment export market share position, behind China.
HANOI, Vietnam, May 13, 2022 (GLOBE NEWSWIRE) -- For decades, Vietnam’s textile and garment industry has been maintaining a rapid growth and becoming one of the most important links in the global supply chain.
In 2021, Vietnam surpassed Bangladesh to take the world’s second position in terms of textile and garment export market share position, behind China. Vietnam’s garment and textile exports were worth $39 billion last year, nearly 12 per cent up from 2020 according to the Vietnam Textile and Apparel Association.
Vietnam has become “bright spot” whilst other textile-developed countries were facing great difficulty in dealing with Covid-19 and experiencing considerable fall in textile exports such as Bangladesh, Indonesia.
Foreign direct investment (FDI) in Vietnam is still in growth momentum. A total of 4.42 billion USD of foreign investment was disbursed in the first three months of 2022, up 7.8 percent year on year, the Foreign Investment Agency's statistics showed.
Of which, textiles and garments are one of the sectors that attract most foreign capital. Vietnam is among a number of strong candidates to take over FDI investment in textile and garment industries as traditional large producers such as China, Japan, the Republic of Korea and Taiwan have seen reduced output in recent years, and Vietnam is the advantageous destination in anticipating the trend of shifting global supply chains to reduce the dependence on China
Contributing to the development of Vietnam’s textile industry, Nam Dinh province is creating many policies to support industrial real estate developers. The sharp increase of FDI capital along with the shift in the value chain has opened up a bright future for the industrial parks in Nam Dinh province.
With the policy of developing and prioritizing attracting textile and garment industries, Nam Dinh continues to promote quick and open administrative reform, offering many preferential policies for investors such as exemption and reduction of import tax, corporate income tax, etc.
Converging many outstanding advantages, many investors consider Aurora IP as the most preferable and potential destination in the Nam Dinh industrial zones. The development of a textile- specialized industrial park like Aurora IPis one of the important factors contributing to the take-off of the industrial real estate market in the province.
With a total phase 1 area of about 520 hectares, Aurora IP developed by Cat Tuong Real Estate Group, aims to build a textile-dyeing specialized industrial park with green – clean - sustainable development orientation ensuring to improve the life of local communnity as well as a favorable working environment for experts and workers.
In addition, equipped with a wastewater treatment system with a capacity of 110,000 m3/day night and a surface clean water system with capacity of 170,000 m3/day night, Aurora IP possesses complete and synchronous infrastructure to invest in building hi-tech infrastructure plants, meeting the strict requirements of the textile dyeing process.
“With the group’s humane - sustainable development strategy as well as the support of the local government, Aurora IP is expected to gradually remove the industry's bottlenecks in the textile and dyeing process, contributing to the development of a sustainable supply for the Vietnam’s textile and garment industry in the long term,” said Mr. Tran Quoc Viet - Chairman & CEO of Cat Tuong Group.
The development of Aurora IP is in line with the growth of Vietnam’s industrial real estate market. According to Cushman & Wakefield, the period ahead in 2022-2023 will be a great opportunity for Vietnam in the industrial segment.
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