A Taiwan-invested textile firm, Far Eastern Polytex Vietnam plans to launch the third-phase of its investment in a textile manufacturing facility in Binh Duong, says Yeh Ming Yuh, CEO.
Starting with an investment of $274.2 million in 2015, Far Eastern Polytex Vietnam increased its total investment in the Binh Duong facility to $1.37 billion in 2021.
Its third-phase investment of $1.54 billion was approved in December 2023, making Far Eastern Polytex Vietnam the biggest foreign investor in Binh Duong province, an industrial hub in southern Vietnam.
The facility aims to produce fiber, dye of apparel products, and super fiber for production of vehicle components (safety belts, tires, and airbags).
Foreign direct investment in Vietnam increased by 1.9 per cent Y-o-Y to $27.26 billion in the first 10 months of this year with investment in the T&A sector increasing by 8.9 per cent to $30.57 billion in Jan-Oct’24 period.
