The TAL Group will invest $50 million in a new textile plant in Vinh Phuc province.
TAL Apparel Limited from Singapore, a subsidiary of Hong Kong’s TAL Group, has received an investment license to build a $50 million factory manufacturing fabric, garments and textiles in the northern province of Vinh Phuc.
The factory will be located at the Ba Thien 2 Industrial Park in Binh Xuyen district, on an area of eight hectares. It will go into official operations next September with output of 12 million products per year and will create more than 3,000 jobs, while contributing VND40 billion ($1.88 million) to the State budget annually.
According to Mr. Phung Quang Hung, Chairman of the Vinh Phuc People’s Committee, the factory is the largest project in the province in recent years. He believes it will play an important role in the province’s economic development. “Not only will it contribute to the provincial budget, it will also create many jobs and increase local incomes,” he said. He requested that departments related to the project provide favorable conditions for the operation of the factory.
Speaking at the ceremony granting the investment license, Mr. C.K. Sun, General Director of the TAL Group, said that Vinh Phuc is an advantageous investment destination and pledged to complete the project on schedule and to protect the environment.
TAL Group is one of the world’s largest clothing manufacturers. The factory is its second in Vietnam, following a textile-garment factory at the Phuc Khanh Industrial Park in the northern province of Thai Binh.