Large Room For The Development Of Textile Industry In Northe...| MENAFN.COM

Wednesday, 01 February 2023 09:15 GMT

Large Room For The Development Of Textile Industry In Northern Vietnam's Nam Dinh Province

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HANOI, Vietnam, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The garment and textile is one of the key industries in Vietnam with the second-largest export turnover in the country. Despite the volatility of the global economy post Covid-19, the sector is still on track to achieve its export target of $42-43 billion this year, according to Vietnam Textile and Apparel Association.

Meanwhile, the Vietnamese industrial real estate market continues to record positive signals, attracting a large amount of foreign capital. In March, Vietnam fully reopened its borders as it looks to accelerate the economic recovery, boosting the influx of international businesses. In addition, Vietnam is gaining a stronger foothold in the EU market after the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, making the country an appealing destination for foreign manufacturers.

According to experts, Vietnam's industrial real estate stays strong with an abundant supply. Savills Hanoi Director Matthew Powell indicated that compared to regional countries, Vietnam has more favourable conditions with more affordable real estate prices and many new projects are expected to provide the market in the future. Competitive labour costs and the improved legal corridor are also among the factors attracting investors to the country.

Nam Dinh province, the cradle of Vietnam's textile and garment industry, converges favorable factors for industrial real estate development as well as the province's incentive policies for investors.

Contributing significantly to the whole country's foreign investment flow which reached more than $14 billion in the first half of 2022 (according to the latest statistics from the Ministry of Planning and Investment), Nam Dinh is emerging as one of the key northern industrial provinces in Vietnam.

In 2021, the locality attracted the highest amount of capital ever while also stepping up a remarkable 16 places in the Provincial Competitiveness Index 2021 (PCI). According to Vietnam's  Nam Dinh province was home to 123 FDI projects, with a total registered capital of $3.7 billion.

Nam Dinh province is focusing on attracting investment capital to continue promoting textile and garment- its spearhead industry. Textile manufacturing accounts for 29% of the structure of the province's industrial sector and 66% of the province's export value in 2021.

In the province, new-generation industrial zones and clusters which have features related to logistics, warehouses, factories, especially service urban areas, are attractive to investors. Many industrial park investors have paid much attention to service issues and green solutions.

Standing out like a bright spot of the province's industrial parks, Aurora IP, developed by one of Vietnam's leading real estate developers Cat Tuong Group, is attracting global investors' attention.

Oriented to be a green - clean - sustainable industrial park and a well-balanced industrial ecological community, Aurora is one of the very few IPs in Vietnam qualified to accommodate fabric-dyeing facilities. Its infrastructure is synchronously designed with the country's largest capacity of water supply and wastewater system as well as the development of complex social infrastructure.

Aurora's wastewater treatment system is well designed with a large capacity of 110,000 m3/day night, divided into modules with advanced and synchronized technology, shall ensure the standard receipt and treatment of wastewater before discharging.

With these factors, Aurora IP is one of the most attractive industrial real estate projects in the north of Vietnam. Experts believe that environmental-friendly production will be an inevitable trend in the green growth strategy.

“Amidst the world facing many difficulties and challenges post-pandemic, Aurora IP still affirms its unique attraction and value of a well-designed infrastructure. In line with the general development orientation of the Nam Dinh province, Aurora IP provides investors with a favorable environment towards green and sustainable growth,” said Mr. Tran Quoc Viet, Chairman & CEO of Cat Tuong Group.



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