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Taiwanese textile firm to invest $320mn in Vietnam
27
Jun '15
Far Eastern New Century Corporation (FENC), one of Taiwan’s leading textile makers, will invest NT$ 10 billion (US$ 320 million) to expand its existing capacity in Vietnam.
 
In a statement issued following the company’s 2015 Annual General Shareholders’ Meeting, FENC said: “To exploit business opportunities presented by the Trans-Pacific Partnership (TPP), the company plans to increase its investments in Vietnam.”
 
 In addition to its existing capacity, to meet the TPP’s yarn forward rule, FENC will build a vertically integrated production site for yarn, fabrics, dyeing and apparel in its phase one expansion. After expansion, Vietnam will become the third world class vertically integrated production site of FENC following the current sites in China and Taiwan.
 
FENC’s consolidated revenues reached NT$ 235.5 billion (or US$7.8 billion) in 2014, despite the volatility of the global economy and plummeting oil prices upending the selling prices of FENC’s petrochemical and polyester products. (RKS)

Fibre2fashion News Desk - India

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