Vietnam has been trying to attract foreign investment in the textile and dyeing sectors for the past five years. The Vietnam Textile and Apparel Association (Vitas) believes the weaknesses in these sectors represent a major opportunity for foreign investors.
However, few have been interested in these sectors because they require large sums of investment capital, while profits are unstable. In addition, local authorities are not exactly welcoming textile and dyeing projects in their localities. “At this moment, provinces and cities are focusing on attracting foreign direct investment in high-technology fields, which use few workers and bring high efficiency,” said Vitas secretary general Dang Phuong Dung.