SOURCE: Taiwan Textile Federation

Taiwan Textile Federation

May 15, 2014 09:00 ET

Taiwan Textile Federation (TTF) Calls on the Vietnam Government to Handle the Riots and to Decrease the Damage by the Mob

TAIPEI, TAIWAN--(Marketwired - May 15, 2014) -  The following is a statement by Taiwan Textile Federation in regards to the rioting in Vietnam.

Taiwan textile industry regards Vietnam as one of the major markets to invest in, and Vietnam is Taiwan's 2nd largest export market in textile products. According to Taiwan Customs statistics, Taiwan exported US$1.913 billion textile products to Vietnam in 2013, accounting for 16% of Taiwan textile exports, showing that the trade relationship between Taiwan and Vietnam is strong and close.

Taiwanese investors, which have been a key part of Vietnam's economy, especially in the textile sector, have started investing in Vietnam since 1980. As known to all, total investments from Taiwan not only improve the employment opportunities of Vietnam, but also raise Vietnam's economic growth. It is clear that the anti-Chinese demonstrations are motivated by a territorial dispute in the South China Sea between China and Vietnam, which has nothing to do with Taiwan. As a result, Taiwan Textile Federation (TTF) deeply regrets to learn that mass protests broke out in Vietnam, resulting in great damage to Taiwanese office buildings and plant facilities.

According to sources from Taiwanese investors in Vietnam, many of them mistaken for Chinese-owned plants and suffered damage from protesters, and now the situation is getting worse. Therefore, in order to keep the economic relationship between Taiwan and Vietnam, a stable business climate is a must. TTF would like to appeal to Vietnam government not only to value the bilateral trade relationship established for ages but also to realize that Taiwan and Vietnam are countries with interdependent economies. In addition, TTF strongly hopes that the Vietnam government can help Taiwanese companies defend their safety and property.

TTF states that some of the Taiwan textile investors are thinking to end their expansion in Vietnam or to move their facility to other countries to avoid further losses, and it is believed that it would impact the economic growth of Vietnam. For the sake of bilateral trade relations and benefits, Vietnam government is considered to be the one to meet this problem head on and to put an end to the disorder as soon as possible.

About TTF

The Taiwan Textile Federation (TTF) was established on November 25, 1975 with government guidance and support as well as with donations from the textile industry itself.

TTF has aimed to provide a versatile range of services, including market promotion, industrial development, market information, and help with the improvement of design capability, production, and management, to Taiwan textile companies to ensure their continuing development, up-grading, and future prosperity.

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