Overseas cotton textile market observation
Overseas cotton textile market observation Vietnam's textile industry still has a lot of room for development and a huge demand for foreign investment, Vietnam Investment News reported on Aug. 25. According to statistics from the Foreign Investment Agency of Vietnam's Ministry of Planning and Investment, as of May 18, 2022, there were 2,787 valid FDI projects in Vietnam's textile industry with a total registered capital of US$31.3 billion. Nguyen Anh Tuan, deputy director of the Foreign Investment Department of the Ministry of Planning and Investment, said Vietnam's textile industry lacks connectivity in the value chain. Vietnam has a large trade surplus in yarn and garments, but also a large trade deficit in fabrics. The yarn produced is mainly for export, while domestic fabric only meets nearly 50% of the demand, making Vietnam import more than $10 billion of various fabrics every year. The fabric shortage is a potential market to attract foreign investment in Vietnam