Facility to be group's third in Asia, after those in Taiwan and China.
The Binh Duong Provincial People's Committee granted an investment certificate on June 29 to Polytex Far Eastern Vietnam Co. under the Far Eastern Group, for the construction of a facility manufacturing yarn and polyester products and dyeing.
With investment of $274 million for the first phase, the facility covers 99 ha at the Bau Bang Industrial Park in Bau Bang district.
“Binh Duong appreciates the investment by Polytex Far Eastern and other FDI projects in the first half of this year,” said Mr. Tran Van Nam, Chairman of the Provincial People's Committee. “With the company's strong determination and the support of the province we believe the facility will be successfully implemented and contribute to Binh Duong's socio-economic development.”
The facility is expected to produce 96 million sq m of cotton products and 127 million sq m of polyester products per year. The investment aims to transform Vietnam into the company’s third production base, after Taiwan and China.
Far Eastern is a Taiwanese group specializing in manufacturing synthetic textiles, retail, transport, finance, and communications, among others. It recorded revenue of $22.2 billion in 2014. It opened a subsidiary, Apparel Far Eastern, in Binh Duong province’s VSIP 1 in 2007.