SAB Industrial (Vietnam) Company Limited, under Chinese textile material supplier Weixing, launched a $62 million factory in Vietnam’s central province of Thanh Hoa on Wednesday.
Construction of the 66.4-hectare factory in Bim Son Industrial Park started in July 2022. Once operational, the plant will employ over 1,000 skilled workers with an annual output worth $100 million for various items, including metal, plastic and nylon zippers, and plastic and metal buttons.
Speaking at the launching ceremony, Thanh Hoa Vice Chairman Nguyen Van Thi highlighted the project would help Vietnam reduce its dependence on imported textile materials and develop supporting industries for the textile sector. Thanh Hoa province would facilitate the optimal performance of the factory, he added.
Thi also asked the industrial park authorities to help the firm with issues related to electricity, water supply, security-safety, and recruitment. Besides, he urged the investors to consider helping provincial authorities to run further investment promotions.
The apparel-textile sector is a major industry in Vietnam. The sector earned $5.23 billion from exports in the first two months of this year, according to the General Statistics Office. The figure was only lower than the electronics-computers-components, phones-components, and machine-equipment sectors.
Meanwhile, in the same period, Vietnam spent $483 million on importing cotton, $1.98 billion on garments, $335 million on weaves, and $963 million on accessories for textile-apparel-footwear.