Hyosung TNC is set to invest US $ 1 billion in Vietnam to build Bio-BDO plants with a capacity of 200,000 tons per year. This major move aims to boost sustainable materials production and enhance Hyosung’s global market presence in eco-friendly products.
Business News
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The garment and textile industry in Vietnam is expecting significant growth in the second half of this year, driven by rising orders and improving consumer demand.
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Vietnamese textiles and garments are subject to trade sanctions in Indonesia as the local textile industry struggles. The Việt Nam Trade Office advises businesses to monitor market conditions and prepare for potential measures.
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Vietnam reportedly surpasses China to lead the market share of textile-garment exports to the US during the first five months of this year.
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Holding a 12 per cent market share in Canada's imports, Vietnam attributes its success to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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The logistics costs for containers traveling through Europe may increase by US $ 1,000 to US $ 2,000 due to Red Sea tensions.
