Singapore firm invests $29 mln in northern Vietnam fiber project

Singapore’s Sanbang PTE. Ltd. has been licensed to invest $28.7 million in a fiber project in Nam Dinh province.

Nam Dinh’s industrial park authority granted the investment license to the firm on Tuesday. The 10.3-hectare project is located in textile-specialized Aurora Industrial Park.

The investor is set to complete all legal procedures to kick off construction in Q1/2024, complete it in Q3/2025 and begin official production the following quarter.

The factory’s designed annual capacity is 15,000 tons of towels, 14 million meters of woven fabric, and 15,000 tons of DTY yarn.

The investor is subject to preferential policies related to corporate income tax, import-export tax, land lease, land use fee, and others.

Nam Dinh attracted foreign direct investments (FDI) of $243.55 million in the first seven months of this year, according to the Ministry of Planning and Investment. This included $143.96 million in registered capital for new projects, $4.46 million in additional capital for existing projects and $95.14 million of capital contributions for stake acquisitions.

So far, the northern province has attracted 134 FDI projects worth $3.87 billion.

Nam Dinh has licensed many major FDI projects this year. In May, the province granted an investment certificate to Apple supplier Sunrise Material, a polymer food packaging firm.

Its factory will have a designed annual capacity of 15,000 tons of towels, 14 million meters of woven fabric and 15,000 tons of DTY yarn. The investor will benefit from several preferential policies including those related to corporate income tax, import-export tax, land lease and land use fees.

In the same month, Apple supplier Quanta Computer received an investment certificate for a $120 million factory project, the giant's first in Vietnam and its ninth worldwide. The plant is set to manufacture 1.3 million laptops and desktop computers in 2024, 2.6 million in 2025, 3.6 million in 2026, four million in 2027 and 4.5 million in 2028.

In June, Taiwanese housewares manufacturer JiaWei said it plans to invest $100 million in three projects in the northern province: a $80 million factory for manufacturing high-tech houseware covering 8.5 hectares; a $10 million printing facility on an area of 2.5 hectares; and a $10 million plant for producing carton boxes covering 3.3 hectares.

Last Friday, Singaporean polymer food packaging firm Sunrise Material and Nam Dinh based Dai Phong JSC, a local construction firm, signed an agreement for a $100 million factory to be built on 6.01 hectares at the My Thuan Industrial Park.