Taiwanese apparel material supplier Paiho raises Vietnam investment to $400 mln
Paihong Vietnam Co. Ltd., under Taiwan-based apparel material firm Paiho, has increased its investment in Binh Duong province, a manufacturing hub in southern Vietnam, to $400 million.
Paiho Vietnam received an in-principle approval for its investment in fabric production on Thursday, on the sidelines of an investment promotion conference to announce the province's 2021-2030 masterplan. The value of the new investment was not specified.
Binh Duong authorities grant investment registration certificates to several projects, in Binh Duong province, southern Vietnam, September 26, 2024. Photo courtesy of Binh Duong TV.
At the event, Binh Duong authorities also granted similar certificates to other foreign direct investment (FDI) projects.
They include a $120-million project of Singapore-invested D.Mag Precision Technology Vietnam Company Limited in the production of steel, aluminum, and iron; a $51.5-million project of Singapore-invested Sembcorp infra Services Binh Duong Pte. Ltd. for warehouse, factory, and office development; and a $38-million project of Taiwan-invested Tektro Technology Corporation in production of bicycle components.
The local government also gave in-principle approvals for investments worth $748 million made by local firms in the urban construction and inland container depot (ICD) sectors.
Binh Duong province is the third-biggest FDI hub of Vietnam, with 4,345 valid projects and total registered capital of $41.83 billion so far, according to data of the Ministry of Planning and Investment. The figure is only behind Ho Chi Minh City with $58.15 billion and Hanoi with $43.62 billion.
In the first eight months of this year, Binh Duong was the seventh-largest FDI recipient with $1.36 billion, up 4.7% year-on-year.
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