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Taiwan's Yu Yuang to set up textile plant in Vietnam
21
Jun '14
Taiwan-based Yu Yuang Textile Co. Ltd. has received investment license from the provincial People’s Committee of Long An (Mekong Delta) for setting up a fabric weaving and dyeing project in the industrial area of Phuc Long in Bên Luke district, according to the website of the Communist Party of Vietnam (CPV).
 
The textile plant would come up on an area of 8 hectares and construction is likely to begin next month. The project, involving an investment of US$ 58 million, is scheduled to be complete next year, and when fully operational it is likely to have production capacity of 168,000 tons of fabric per year, which will be sold in both domestic and export markets.
 
Established in 1961, Yu Yuang is a family owned company with 5 decades of fabric manufacturing history and a current employee base of over 2,000 people. The company has several fabric manufacturing units spread across China, Thailand, Malaysia and Cambodia, besides Taiwan. It boasts of supplying fabric to many well-known brands like Nike, Adidas and Triumph.
 
The Long An province had earlier issued investment license to the Hong Kong-based Huafu Group for setting up a textile plant in the industrial area of Thuan Dao in Cân Duoc district. The textile plant to be set up at a cost of $136 million would have an annual capacity to produce 30,000 tons of fibre and dye about 20,000 tons of cotton.
 
In recent months, several foreign companies have announced investment in Vietnam’s textile and garment sector, in anticipation of the 12-member Trans-Pacific Partnership (TPP) agreement, of which Vietnam is a member and negotiations are expected to conclude this year.
 
Once implemented, the agreement is expected to allow Vietnamese textiles and apparel to enter into the other TPP-member countries, including the US, at zero duty.
 

Fibre2fashion News Desk - India

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