Central Vietnam province okays $590 mln textile project
Singapore-based Mega Textile Singapore Limited will invest $590 million in Vietnam’s central province of Nghe An.
The provincial Party Committee gave an in-principle nod to the textile project at a regular meeting on Thursday.
It will cover 51 hectares in Tho Loc Industrial Park, within Dong Nam (Southeast) Economic Zone of the province. The firm has established its subsidiary Mega Textile Vietnam to conduct the project.
A corner of Tho Loc Industrial Park, Nghe An province, central Vietnam. Photo courtesy of Nghe An newspaper.
The facility will manufacture fabrics, knitwear, colored yarns, semi-finished items, and belts. Its annual output can reach 67,200 tons of fabric, 10,300 tons of knitwear, 7,200 tons of colored yarn, 100 million belts, 130 million clothing items, and 2.2 million cut semi-finished items.
It is set to complete administrative procedures in the second quarter of 2025, enter first phase operation in Q2/2028, enter second phase in Q2/2030, and third phase in Q2/2034.
The project is expected to employ over 15,000 local people and help Nghe An increase its foreign direct investment (FDI) attraction this year to $1.7 billion, among the top 10 figures in Vietnam.
Mega Textile Singapore Limited was established in 2022 by China-headquartered Best Pacific International Holdings Limited. It is a supplier to many global brands, such as Adidas, Uniqlo, H&M, and Victoria's Secret.
Prior to Nghe An, the firm had invested in Vietnam’s northern province of Hai Duong, with the establishment of Best Pacific Vietnam Co. Ltd. in 2015.
Apparel-textile is a key export staple of Vietnam, bringing in $30.57 billion, up 8.9% in January-October. In the 10-month period, the country’s export revenue grew 14.9% year-on-year to $335.59 billion.
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