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It is Far Eastern Vietnam’s second project in Bau Bang IZ. The first phase of the factory is expected to start production in 2017 and the factory will fully come into operation in 2020.
Zeng Yi Xian, general director of Far Eastern Group, said that the group expects to continue receiving the province’s support in completing the procedures for the investment certificate, so that the construction can be implemented on schedule.
Tran Thanh Liem, Deputy Chairman of the Binh Duong Provincial People’s Committee, said that the province will provide favourable conditions for the investor to complete the investment procedures and deal with difficulties arising during the construction process.
Previously, on June 30, 2015, the committee granted Far Eastern Vietnam Company an investment certificate to develop the first phase of a $274 million polyester and cotton yarn production factory. Once the first phase comes into operation, it will have an output capacity of 96 million square metres of cotton yarn and 127 million square metres of polyester yarn.
The second phase is expected to have a total capital of $1 billion.
The project was highly anticipated since it is expected to spearhead the development of supporting industries in Vietnam for the garment and textile industry at a time when Vietnam is set to accede to the Trans Pacific Partnership Agreement.
Polytex Far Eastern Vietnam is a member of Far Eastern Group, which operates in numerous different sectors ranging from petrochemicals, cement, and retail to hospitality, finance, and communications.