US billionaire to invest in the Vietnamese clothing industry


American investor Wilbur Ross (pictured) has signed a co-operation agreement in various fields with the Vietnam National Textile and Garment Group (Vinatex). His International Textile Group plans to invest and upgrade Vinatex facilities across Vietnam.

“We are extremely excited about Vietnam. In terms of its political and economic evolution, it is about where China was 20 years ago,” he said during a recent interview with the American Chamber of Commerce in Vietnam.

“Wages are about one half of China’s, yet the workforce is equally disciplined, and they have a good work ethic and manual dexterity. It is not on the same scale since Vietnam has only about 85m people, 1/20th as many as China, but that is one and one-half times the population of South Korea,” he said.

For the full story, see the August 2015 edition of Textiles South East Asia. Not a subscriber? Sign up HERE