Taiwan textile giant Far Eastern ups investment in Vietnam province to $1.54 bln
Far Eastern Polytex Vietnam, a Taiwan-invested textile firm, is set to launch its third-phase investment in Vietnam’s southern province of Binh Duong later this year as scheduled, said CEO Yeh Ming Yuh.
At a Thursday meeting with Binh Duong Chairman Vo Van Minh, the executive urged the provincial authorities to help the project with administrative procedures and electricity supply.
Binh Duong Chairman Vo Van Minh (right) and Far Eastern Polytex Vietnam CEO Yeh Ming Yuh at a meeting in Binh Duong province, southern Vietnam, November 7, 2024. Photo courtesy of Binh Duong news portal.
The firm started investing in Binh Duong in 2015 with an initial investment of $274.2 million and increased the scale to $1.37 billion in 2021.
Its third-phase investment was approved in December 2023, with the tally rising to $1.54 billion. Consequently, Far Eastern Polytex Vietnam is the biggest foreign investor in Binh Duong province, an industrial hub in southern Vietnam.
The project’s output includes fiber, dye of apparel products, and super fiber for production of vehicle components (safety belts, tires, and airbags).
Backing the project, Minh asked relevant agencies to work with the company to solve the issues, especially power supply.
Registered foreign direct investment in Vietnam totaled $27.26 billion in the first 10 months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment. Binh Duong ranked sixth with $1.69 billion, up 20.8% year-on-year.
Apparel-textile is a key export staple of Vietnam, bringing in $30.57 billion, up 8.9% in January-October. In the 10-month period, Vietnam’s export revenue grew 14.9% year-on-year to $335.59 billion.
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