China textile firm Black Peony builds $71 mln factory in northern Vietnam
BP Textile (Vietnam) Company Limited, a subsidiary of Chinese textile firm Black Peony, kicked off construction of a $71.1-million factory in the northern coastal province of Quang Ninh on Tuesday.
Located at the Hai Ha Port Industrial Park, the 12.24 hectare factory, with an annual output of 9,900 tons, is expected to employ about 800 people.
The project is one of four investments that the industrial park has attracted so far this year.
A groundbreaking ceremony held for a factory invested by Chinese textile firm Black Peony in Quang Ninh province, northern Vietnam, July 9, 2024. Photo courtesy of Quang Ninh newspaper.
So far, the industrial park has attracted 25 investment projects with a total registered capital of $3 billion, employing 13,800 people. It is a key facility for Quang Ninh province to connect the Mong Cai border gate with China.
In the first six months of this year, registered FDI in Vietnam rose 13% year-on-year to $15.19 billion, with newly-licensed investment rising 46.9% to $9.54 billion, while disbursed FDI went up 8.2% to $10.84 billion.
Quang Ninh attracted FDI worth $1.36 billion in the period, the third-highest figure in the country.
Vietnam earned export revenues of $190.08 billion in H1/2024, up 14.5% year-on-year. Apparel-textiles was a key sector with revenues of $16.28 billion, up 3.1%, according to the General Statistics Office (GSO).
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