Northern Vietnam province attract $66 mln investment from Australia
Vietnam’s northern province of Nam Dinh has attracted investment of AUD100 million ($66 million) to its Rang Dong industrial park (Aurora IP), a complex specializing in apparel production.
Cat Tuong Group, a Vietnamese multi-sector business and the Aurora IP investor, and WoolProducers Australia (WPA), a body representing wool growers in Australia, signed a memorandum of understanding for the move in Sydney on Wednesday.
The signing was part of the Nam Dinh-Australia investment promotion and trade conference hosted by Nam Dinh authorities.
Cat Tuong Group Vice Chairman Nguyen Van Tuan speaks at the signing ceremony in Sydney on May 29, 2024. Photo courtesy of Cat Tuong Group.
Accordingly, the WPA will facilitate its members to approach the Vietnamese market and invest in Aurora IP. The move could help Australian businesses diversify their supply chains amid global supply chain disruptions and Australian wool producers’ heavy dependence on China.
It could also help boost the Vietnam-Australia partnership, which was elevated to a comprehensive strategic partnership in March. The deal is part of the cooperation between Cat Tuong Group and the WPA, which started in September 2023 following a WPA delegation visit to Aurora IP.
Nam Dinh is a major textile-garment hub in Vietnam. In August 2023, the provincial industrial park authority granted an investment registration certificate to Singapore’s Sanbang PTE. Ltd. for a $28.7 million fiber project in Aurora IP.
In February 2024, the province granted an investment registration certificate for a $60 million project invested by Hong Kong-based Crystal Denim Textiles (BVI) Limited in the same industrial park.
In March 2024, Zhejiang Jasan Group Co., Ltd. said it would invest CNY550 million ($76.4 million) in Nam Dinh. The Chinese sportswear producer said the project will have an annual capacity of 2,000 tons of spandex elastic thread, 18,000 tons of dyed yarns, and 65 million pairs of mid- and high-end cotton socks.
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