Far Eastern Polytex Vietnam, a Taiwan-invested textile firm, will invest an additional $250 million in Binh Duong in Q3/2023, making it the southern province’s biggest foreign investor.
CEO Yeh Ming Yuh also said at a Wednesday meeting with Binh Duong Chairman Vo Van Minh that the company has already invested $1.37 billion in the province since 2015. This included $610 million invested in 2021, the peak year of the Covid-19 pandemic.
With the latest investment, the firm will expand the manufacturing of resilient fibers for production of auto parts and build a solar power plant to power production, Yeh said.
The business will also invest in green transition, sustainable development, human resource training, and corporate social responsibility to aid workers and the environment, he added.
Welcoming the additional investment, Binh Duong Chairman Minh requested relevant agencies to support the firm by removing business hurdles and easing implementation of its plans.
As of May 20 this year, Binh Duong had attracted 4,103 valid foreign direct investment projects with a total registered capital of $39.99 billion, according to the Ministry of Planning and Investment. The registered capital is the second-highest figure in Vietnam after Ho Chi Minh City with $56.71 billion in 11,734 projects.
In 2015, Far Eastern Polytex Vietnam invested $274 million in a 99-hectare factory at the Bau Bang Industrial Park to manufacture polyester, chemical fibers, resins, PET and other products.
It has two sister firms in Vietnam: the Apparel Far Eastern Vietnam with two factories in VSIP I and VSIP II industrial parks in Binh Duong province; and the New Apparel Far Eastern Vietnam with one plant in the neighboring province of Binh Phuoc.