Singapore-based Mega Textile Singapore plans to develop a textile facility to manufacture knitwear, fabrics, colored yarns and semi-finished items in Vietnam.
To span 51 hectare in the The Loc Industrial Park, the facility will be developed with an investment of $590 million. It will produce 67,200 tons of fabric, 10,300 tons of knitwear, 7,200 tons of colored yarns, 100 million belts, 130 million clothing items and 2.2 million cut semi-finished items annually.
To be developed by Mega Textile Vietnam-the subsidiary of Mega Textile Singapore, the project will employ over 15,000 local people and help Nghe An attract foreign direct investment (FDI) worth $1.7 billion this year, among the top 10 figures in Vietnam.
Established in 2022 by China-headquartered Best Pacific International Holdings, Mega Textile Singapore, is a supplier to many global brands, such as Adidas, Uniqlo, H&M, and Victoria's Secret. Prior to Nghe An, the firm had established Best Pacific Vietnam Co in 2015 in Hai Duong, the northern province of Vietnam.
Vietnam’s textile and apparel (T&A) exports rose by 8.9 per cent to $30.57 billion during Jan-Oct’24. The country’s export revenue during the 10-month period grew by 14.9 per cent Y-o-Y to $335.59 billion.
