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Hong Kong firm to set up textile mill in Vietnam's Long An
25
Apr '14
A Hong Kong based firm is going to set up a textile spinning and dyeing plant in southern Vietnam’s Long An province, after the company received an approval from the Provincial People’s Committee last week, reports Viet Nam News.
 
According to the report, the Long An Provincial People’s Committee has given its approval to the Hong Kong based Huafa Company to invest US$ 136 million for setting up a textile plant in Tuhan Dao Industrial Zone Extension, Long Dinh commune, Can Duoc district.
 
The textile plant would come up on an area of 20 hectare and would produce high quality coloured yarn to meet domestic and export demand.
 
In recent months, several companies from Hong Kong have announced investment in Vietnam’s textile and garment sector, in anticipation of the proposed Trans-Pacific Partnership (TPP) agreement covering 12 countries—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
 
Last month, Hong Kong’s Luenthai Company announced that it would set up a textile industrial park in Nghia Hung district of Vietnam’s Nam Dinh province, jointly with the Vietnam National Textile and Garment Group (Vinatex) and China’s Jialida Company. The textile park would be constructed on 1,500 hectares of land at a cost of $400 million, and on completion would become the largest textile park in Vietnam.
 
Black Peony, another Hong Kong based firm, has announced construction of a $100 million denim factory at Hai Yen Industrial Park in northeastern province of Quang Ninh.
 
Crystal Textile Group, also Hong Kong based, is investing more than $500 million for two upcoming textile projects in the Laiwu industrial zone located in the Hai Duong province of Vietnam.
 
Meanwhile, TAL Hong Kong Development Company has shown interest in investing $200 in building a garment factory in Dong Mai Industrial Park in Quang Ninh province. The new investment would be in addition to the $40 million textile and garment factory set up in 2004.
 

Fibre2fashion News Desk - India


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