As textile and garment industries continue to boom in many major Asian markets, an increasing amount of foreign direct investments (FDI) has been recently pouring into the sector. Details on how these foreign investments further help the growth of garment industries in Vietnam, Bangladesh and Myanmar are some of this week’s featured stories on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
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Increasing Foreign Investment Helps Myanmar’s Garment Industry Grow
The recovery of Myanmar’s garment industry has seen recent growth in both garment exports and FDI. The total investment in Myanmar recorded USD 1.7 billion in 2015 and USD 2.2 billion in 2016. FDI in Myanmar’s garment industry also grew from 26.5% of total inward FDI in 2013, to 27.4% in 2014 and 29% in 2015.
The soaring investment, especially foreign direct investment, has also increased garment exports in Myanmar. The total value of garment exports recorded USD 1.5 billion in 2014, USD 1.7 billion in 2015 and an estimated USD 2.2 billion in 2016.
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Vietnam Becoming Popular Textile Investment Destination
The latest statistics show that the total FDI in Vietnam were up 152.78% year-on-year in the first two months of 2017 and investment in Vietnam’s textile and apparel industry now accounts for 21% of the country’s total FDI, making the country one of the most popular destinations in Asia for textile investment.
Singapore, China, the US, Japan and South Korea are currently some of the largest investment sources for Vietnam’s textile and apparel industry.
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Foreign Direct Investment in Bangladesh’s Textile Industry Rebounds
As the world’s second largest garment exporter, Bangladesh’s textile and garment industry experienced a surge in Foreign Direct Investment (FDI) in the last fiscal year of 2016, with FDI totalling over USD 396 million, representing a 11% increase from the previous year’s USD 351.6 million.
South Korea was the largest investor in fiscal year 2016 – several South Korean apparel companies invested over USD 111.6 million in Bangladesh’s textile and garment industry, representing over 32% of the total FDI in the sector, followed by Hong Kong’s USD 89.07 million.
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