Taiwan textile giant plans additional $250 mln investment in southern Vietnam

By Tri Duc

Fri, June 23, 2023 | 1:38 pm GMT+7

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.

Far Eastern Polytex Vietnam factory in Binh Duong province, southern Vietnam. Photo courtesy of the firm.

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.

Tags:

Vietnam

Binh Duong

Taiwan

textile

fiber

Far Eastern

apparel

Comments (0)

Latest|Most liked

Tags:

Vietnam central bank sells $500-700 mln forex to cool dollar fever

Vietnam’s central bank is estimated to have sold foreign currency worth $500-700 million via spot transactions to help rein in the recent surge of the greenback.

Banking - Tue, May 7, 2024 | 4:24 pm GMT+7

Vietnam coffee company chief bemoans lack of cooperation on rising freight costs

Coffee buyers and sellers need to work together to deal with recent global volatility, otherwise export enterprises will struggle to survive, writes Phan Minh Thong, general director of Phuc Sinh Group, a leading Vietnamese coffee exporter.

Companies - Tue, May 7, 2024 | 4:15 pm GMT+7

Vietnam gold bullion prices hit new high amid lukewarm response to auctions

Gold biscuit prices jumped to an all-time high in Vietnam Tuesday, following global price movements, even as firms remained uninterested in central bank auctions of the previous metal.

Finance - Tue, May 7, 2024 | 3:29 pm GMT+7

Vietnam should proactively implement Global Minimum Tax: official

Although the Global Minimum Tax is not mandatory, Vietnam should implement it proactively because it can increase tax revenues, further international integration and create new opportunities, a senior tax official says.

Economy - Tue, May 7, 2024 | 3:15 pm GMT+7

Peer reviews to referee global minimum tax implementation disputes: expert

The Global Minimum Tax being a complicated affair, peer reviews are likely to referee different interpretations, Jonathan Pemberton, a senior advisor with the Washington D.C.-based International Tax and Investment Center (ITIC), said Tuesday.

Economy - Tue, May 7, 2024 | 1:38 pm GMT+7

ASEAN+3 to create new financing facility against regional crises

South Korea, China and Japan agreed last Friday to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.

Southeast Asia - Tue, May 7, 2024 | 11:05 am GMT+7

Thailand promotes cuisine through chef training

Thailand will kick off the “One Village, One Thai Food Chef” project in June, aiming to train 75,000 professional cooks by 2027.

Southeast Asia - Tue, May 7, 2024 | 11:04 am GMT+7

Indonesian minister confirms Apple's keenness to invest in Indonesia

The U.S.-based global technology corporation Apple is still committed to actualising its plan on placing capital in Indonesia, the country’s Minister of Industry Agus Gumiwang Kartasasmita said last Friday.

Southeast Asia - Tue, May 7, 2024 | 11:03 am GMT+7

Thai-controlled brewer Sabeco sees sales, profit grow after troublesome 2023

Ho Chi Minh City-based Sabeco, which is 53.59% owned by Thai-controlled Vietnam Beverage Co. and 36% by the industry ministry, reported increases in both revenue and profit in Q1/2024 despite being hard-hit by a campaign against drunk driving.

Companies - Tue, May 7, 2024 | 10:30 am GMT+7

Media giant YeaH1 set for capital base growth, private offering

YeaH1 Group, a leading media and entertainment company in Vietnam, plans to conduct a private placement to issue 54.8 million shares at VND10,000 ($0.39) apiece this year, as revealed at the firm’s 2024 AGM held on Monday.

Companies - Tue, May 7, 2024 | 9:30 am GMT+7

Closer trade ties with friendly nations adds to Vietnam’s investment allure: expert

Closer trade ties with friendly countries in the region will add to Vietnam’s attractiveness as an FDI destination, writes Dr. Daniel Borer, business school lecturer in management, RMIT University Vietnam.

Economy - Tue, May 7, 2024 | 8:08 am GMT+7

International workshop on Pillar 2 Global Minimum Tax implementation to be held in Hanoi

The Vietnam's Association of Foreign Invested Enterprises (VAFIE) and the Washington D.C.-based International Tax and Investment Center (ITIC) will hold an international workshop themed "Pillar 2 Global Minimum Tax Implementation in Vietnam" on Tuesday.

Economy - Tue, May 7, 2024 | 8:05 am GMT+7