The company will invest $760 million in new project, which will come up in Bau Bang industrial zone in the southern province of Binh Duong. While the first phase production is expected to begin next year, the factory will become fully operational in 2020.
During a meeting with Tran Thanh Liem, deputy chairman of the Binh Duong Provincial People's Committee, Far Eastern Group general director Zeng Yi Xian said the group expects to continue receiving the province's support in completing the procedures for the investment certificate, so that the construction can be implemented on schedule.
Liem assured Xian that the province will provide favourable conditions for completion of investment procedures and also address problems that arise during the construction process.
Polytex Far Eastern Vietnam received investment certificate for its first project last year. Once the first phase of the $274 million polyester and cotton yarn factory becomes operational, it will have capacity to produce 127 million sq metres of polyester yarn and 96 million sq metres of cotton yarn.
Both projects would help the Vietnamese garment industry, which is highly dependent on import of raw materials. (RKS)
Fibre2Fashion News Desk – India
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