Binh Duong gives thumbs up for US$274m textile plant
(VOV) - The Southern Binh Duong provincial People’s Committee on June 29 approved the issuance of an investment certificate to Polytex Far Easterm Company, based out of Taiwan.
With an investment of over US$274 million in the first phase, the company will construct a 99ha plant to make supporting products including polyester and cotton yarn at the Bau Bang Industrial Zone.
“Bau Bang is an ideal place for the factory,” said Cheng Chen Yu, the company’s CEO in making the announcement.
We plan to invest US$274 million in the first phase and raise an additional US$700 million in the second and final phase to complete it.
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There was no announcement of when the work would commence or a timetable for its completion.
Once fully operational, the plant will generate more than 3,000 jobs and have a capacity to produce 21,600 tonnes of polyester, 21,600 tonnes of DTY fibres, 127 million sq.m of knitted fabric and 96,000 sq.m of cotton per annum.
Polytex Far Eastern Vietnam is a member of the Far Eastern Group, which has investments in Vietnam spanning the petrochemicals, cement, and retail to finance, and communications industries.