Hong Kong firm to invest in Vietnamese textile projects

23 Aug '13

2 min read

Hong Kong based Crystal Textile Group will invest approximately US$ 500 million for two upcoming textile projects in the Laiwu industrial zone located in the Hai Duong province of Vietnam.

At a press conference held by the Hai Duong Province People’s Committee, Nguyen Minh Quang, the Minister of Natural Resources and Environment of Vietnam, said the textile group would invest around US$ 425 million for the Pacific Crystal textile project and another US$ 120 million in projects to expand the core machinery, using more than 70 acres of land in the industrial zone.

The investment by the textile group for the new projects could also attract agricultural workers to the industrial zones, he added.

The Pacific Crystal project, with total investment of US$ 425 million, would use 35.1 acres of land in the industrial zone and would be completed in two phases; phase 1 would use 17 acres and phase 2 would use 18.1 acres of land. On completion, the project is expected to attract around 6,000 new employees to the industrial zone.

The second project to extend the core machinery would be set up with a total investment of US$ 120 million, and would also use 35 acres of land in two phases, where phase 1 would use 13.5 acres of land and phase 2 would require 21.5 acres land of the industrial zone.

The second project is expected to attract around 16,900 new workers to the Laiwu industrial zone.

The two projects are together expected to help utilize the fallow land in the industrial park and create jobs for local workers in the Hai Duong province, as well as attract other investors to the industrial zone.

Fibre2fashion News Desk - India

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