The first phase of the factory will have an investment of US$274 million, covering an area of 99 hectares at Bau Bang Urban Area and Industrial Park.
The synthetic fiber factory is scheduled to have an annual capacity of 21,600 tonnes of polyester, 21,600 tonnes of DTY fibers, 127 million m2 of knitted fabric, and 96,000 m2 of cotton fabric. The factory is expected to create jobs for more than 3,000 people.
Chairman of the Board of Directors of Polytex Far Eastern Cheng Chen Yu, said Bau Bang in Binh Duong was an ideal location with a good investment environment for Far Eastern Group to carry out its project after Taiwan and China.
The group plans to invest an additional US$700 million to US$1 billion in the second phase of the project, he noted.
Chairman of Binh Duong provincial People's Committee Tran Van Nam said the project was in line with the investment attraction orientation of the province. The factory will be an important supporting project, providing input materials for Vietnam's footwear and garment industries, particularly when Vietnam signs the Trans-Pacific Partnership Agreement, he added.
Since early this year, Binh Duong has attracted over US$1 billion in foreign direct investment, surpassing the year's target.
Far Eastern Group is based in Taiwan (China) operating in many areas including synthetic fibers, textiles, petrochemicals, cement, transport, retail, construction, finance services, communications and hotels with total assets of nearly US$80 billion.
