The Bank for the Investment and Development of Viet Nam (BIDV) commits to offering 2 billion USD to garment firms over the next 5 years.

Given that China is scaling down its domestic production for export due to increasing labour and land costs, Viet Nam is emerging as a potential destination for foreign investors, he said.

This opportunity requires Vietnamese enterprises to restructure if they want to compete and integrate effectively.

A garment factory (Photo: VNA)

BIDV’s financial support will be channelled into material area development, trade promotion and market expansion.

Phan Chi Dung, Director of the Light Industry Department under the Ministry of Industry and Trade, said that by joining bilateral and multilateral free trade agreements (FTAs), Viet Nam will gain deeper access to the world’s large economies, including the main markets of Vietnamese garments such as the US, the EU, Japan and the Republic of Korea.

Viet Nam has been listed among the world’s top ten garment-textile exporters with an annual average growth rate of 15% over the past five years.

(Source: VNA)