China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam

By Tri Duc
Tue, March 25, 2025 | 9:28 pm GMT+7

China-headquartered Texhong, among the largest core cotton textile suppliers in the world, will “unwind” the expansion of its Texhong Industrial Park (Texhong Hai Ha Industrial Park) in the northern Vietnam province of Quang Ninh, the firm said on Monday.

For Land Lot 1 of the industrial park, Texhong said it has been continuously engaging in various meetings and discussions with relevant authorities to update the industrial park’s framework. However, applications made to change the function of Land Lot 1 have all been rejected.

A corner of Texhong Hai Ha Industrial Park in Quang Ninh province, northern Vietnam. Photo courtesy of Quang Ninh newspaper.

A corner of Texhong Hai Ha Industrial Park in Quang Ninh province, northern Vietnam. Photo courtesy of Quang Ninh newspaper.

As a result, Texhong said it is of the view that it would be in the best interests of the firm and shareholders to “discontinue the attempts to complete the registration of Land Lot 1.”

Quang Ninh authorities subsequently advised that Land Lot I is designated for “common use,” Texhong clarified.

Regarding Land Lot 2, the area has been rezoned into two areas. Registration for the 7.6 hectare Land Lot 2A on which the firm’s assets are located has been completed. The other, 2.1-hectare Land Lot 2B, is vacant and the registration process is slow.

After careful consideration, Texhong said it is of the view that “there is no need to proceed with registration of Land Lot 2B at the present time.”

As Texhong has only proceeded with the acquisition of Land Lot 2A and the utility assets thereon, it is expected that the required utilities supplied from the facility alone will not be sufficient to fulfil the expected demand for operations of Texhong members in Hai Ha Industrial Park.

Therefore, the firm is of the view that it is for the commercial benefit to “source additional supply” of the required utilities from Texhong Industrial Park, instead of incurring capital expenditure or additional cost for “construction of its own facility or sourcing from third party suppliers.”

Texhong is investing in two industrial parks in Quang Ninh, namely Texhong Ngan Long and Texhong Hai Ha. The 660 hectare Texhong Hai Ha has completed the construction for 376 hectares and has so far attracted 27 investments with the total registered capital of $3 billion, with 14,000 workers.

Comments (0)
  • Read More
Fund manager Eastspring Vietnam appoints new CEO

Fund manager Eastspring Vietnam appoints new CEO

Eastspring Vietnam, one of the largest fund managers in the country by assets under management, last Friday appointed Nguyen Quoc Dung as its new CEO and legal representative.

Finance - Mon, June 9, 2025 | 9:03 am GMT+7

U.S. Grains Council signs 5-year cooperation deal with Vietnam

U.S. Grains Council signs 5-year cooperation deal with Vietnam

The U.S. Grains Council (USGC) on Friday signed a five-year cooperation agreement with the Partnership for Sustainable Agriculture in Vietnam (PSAV), reaffirming its long-term commitment to Vietnam’s agricultural development.

Economy - Sun, June 8, 2025 | 5:13 pm GMT+7

Bamboo Capital announces senior personnel changes

Bamboo Capital announces senior personnel changes

Under a board of directors resolution effective last Friday, Vietnam's multi-sector conglomerate Bamboo Capital Group has a new deputy general director, while its first vice chairman Pham Minh Tuan resigned to focus on subsidiary Bamboo Energy.

Companies - Sun, June 8, 2025 | 4:05 pm GMT+7

Vietnam signs deals to import nearly $3 bln worth of US agricultural products

Vietnam signs deals to import nearly $3 bln worth of US agricultural products

Vietnamese businesses accompanying Minister of Agriculture and Environment Do Duc Duy on a six-day visit to the U.S. signed multiple agreements to import nearly $3 billion worth of American agricultural products, expanding bilateral cooperation in the agricultural sector.

Economy - Sun, June 8, 2025 | 10:33 am GMT+7

EPC contract signed for O Mon IV thermal power project in southern Vietnam

EPC contract signed for O Mon IV thermal power project in southern Vietnam

An EPC contract signing ceremony for the O Mon IV thermal power project in Can Tho city took place on Friday, at the headquarters of state-owned Petrovietnam - the investor.

Energy - Sun, June 8, 2025 | 8:00 am GMT+7

Vietnam's agri major Hoang Anh Gia Lai ventures into mulberry cultivation, coffee production

Vietnam's agri major Hoang Anh Gia Lai ventures into mulberry cultivation, coffee production

After overcoming two major obstacles - debt and accumulated losses - Vietnam's agri major Hoang Anh Gia Lai JSC (HoSE: HAG) is charting a bold five-year strategic roadmap, introducing two new business segments: mulberry cultivation and coffee-tea production.

Companies - Sat, June 7, 2025 | 4:35 pm GMT+7

Stock trading accounts hit 10 mln in Vietnam

Stock trading accounts hit 10 mln in Vietnam

Vietnam recorded a large increase in the number of stock trading accounts in April and May, when the U.S. tariff turbulence caused strong market fluctuations.

Finance - Sat, June 7, 2025 | 3:38 pm GMT+7

Thailand’s SCG books $301 mln in Q1 sales from Vietnam

Thailand’s SCG books $301 mln in Q1 sales from Vietnam

Siam Cement Group (SCG) reported sales of VND7.77 trillion ($301 million) in Vietnam in Q1/2025, reflecting the country as a key market for the Thai conglomerate in Southeast Asia.

Companies - Sat, June 7, 2025 | 9:54 am GMT+7

Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises

Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises

Looking ahead, 2030 is a milestone year, as major global brands such as Unilever, Nestlé, H&M, and Nike have committed to cutting Scope 1 and Scope 2 emissions by 50-65%, said Pham Dang An, CEO of Vu Phong Energy Group, a major developer of clean energy in Vietnam.

Companies - Sat, June 7, 2025 | 8:00 am GMT+7

Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial

Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial

Aeon Financial Service Co., Ltd. on Friday stated that its deal to purchase a financial company owned by Vietnam's SeABank is invalid due to "inappropriate accounting transactions."

Finance - Fri, June 6, 2025 | 11:57 pm GMT+7

VSAP LAB to build $69 mln chip packaging tech laboratory in central Vietnam

VSAP LAB to build $69 mln chip packaging tech laboratory in central Vietnam

Vietnamese private firm VSAP LAB JSC has been approved as the investor of a VND1.8 trillion ($69.11 million) advanced packaging technology laboratory project that will assist semiconductor production in the central city of Danang.

Industries - Fri, June 6, 2025 | 8:11 pm GMT+7

Vietnam's major property developer Hoang Huy successfully raises $30.7 mln from parent company

Vietnam's major property developer Hoang Huy successfully raises $30.7 mln from parent company

Hoang Huy Investment Services JSC (HoSE: HHS) has successfully issued 64 million shares for VND800 billion ($30.7 million) via private placement to its parent company – Hoang Huy Financial Services Investment JSC (TCH).

Companies - Fri, June 6, 2025 | 3:32 pm GMT+7

Subsidiaries, affiliates likely not to enjoy preferential corporate income tax in Vietnam

Subsidiaries, affiliates likely not to enjoy preferential corporate income tax in Vietnam

Subsidiaries and affiliates of enterprises in Vietnam might not be eligible for preferential corporate income tax (CIT) rates of 15-17%, in order to prevent abuse of incentives like splitting income for tax avoidance, according to the Financial and Economic Committee under the National Assembly, the country's legislature.

Finance - Fri, June 6, 2025 | 3:22 pm GMT+7

VPS Securities JSC named Vietnam’s best broker again by The Asset

VPS Securities JSC named Vietnam’s best broker again by The Asset

VPS Securities JSC (VPS) has once again been honored as the “Best Brokerage House in Vietnam” at the Triple A Awards 2025, presented by The Asset, a leading Asia-focused financial publication.

Companies - Fri, June 6, 2025 | 11:40 am GMT+7

Vietnam's agri major BAF eyes two 6-story buildings for pig farming in southern Vietnam

Vietnam's agri major BAF eyes two 6-story buildings for pig farming in southern Vietnam

BAF Vietnam Agriculture JSC has submitted a proposal to the Ministry of Agriculture and Environment to develop a smart pig farming complex including two six-story buildings in the southern provinces of Tay Ninh and Binh Phuoc.

Industries - Fri, June 6, 2025 | 11:20 am GMT+7

Food major Kido leaders reveal real estate ambitions

Food major Kido leaders reveal real estate ambitions

Leaders of Kido Group, a leading Vietnamese food and cooking oil producer, said they see many positive policies that are helping to ease real estate market difficulties and create favorable conditions for the company to develop projects on its land reserves.

Real Estate - Fri, June 6, 2025 | 11:03 am GMT+7