Hong Kong-invested garment firm begins building $43 mln plant in central Vietnam
Hong Kong-invested South Asia Knitwear Limited kicked off the construction of a VND1,090 billion ($42.8 million) factory in Vietnam’s central province of Thanh Hoa on Saturday.
The plant, named Nam Ich Thai Thang, is set to cover 8.2 hectares, including 3,000 square meters of accommodation for workers, and will employ 5,000 people. Construction is scheduled for completion in January 2025.
The factory’s output, including high-quality woollen textile and garment products, is aimed at the domestic and international markets.
South Asia Knitwear Limited holds a groundbreaking ceremony for a factory in Thanh Hoa province, central Vietnam, May 25, 2024. Photo courtesy of Cong Thuong (Industry & Trade) newspaper.
The project is the firm’s third project in Thanh Hoa province, after the first one with 1,400 workers entered production in 2018 and the second one with 2,000 laborers starting operations in 2020.
Garments were Vietnam’s fourth-biggest export earner in Jan-April at $10.42 billion, up 6.7% year-on-year, behind computers, electronics and spare parts, phones and spare parts, and machines and equipment, according to customs data.
Registered foreign direct investment (FDI) in Vietnam reached $9.27 billion in the year to April 22, while disbursed FDI hit $6.28 billion, the highest figure in the last five years, according to the Ministry of Planning and Investment. Thanh Hoa ranked 13th in the country with $177.5 million, doubling year-on-year.
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