Tran Van Nam (right) grants investment certificate to Chairman of Polytex Far Eastern Viet Nam. — VNS Photo Thu Ngan

BINH DUONG (Biz Hub) — The People's Committee of the southern province of Binh Duong on Monday issued an investment certificate to Taiwanese company Polytex Far Eastern Viet Nam.

With an investment of over US$274 million in the first phase, the company will build a 99ha plant to make supporting products including polyester and cotton yarn in the Bau Bang Industrial Zone.

It has not indicated when work on the second phase will start.

The project is highly anticipated since it is expected to spearhead the development of supporting industries in Viet Nam for the garment and textile industry at a time when Viet Nam is set to accede to the Trans Pacific Partnership Agreement.

Polytex Far Eastern Viet Nam is a member of the Far Eastern Group, which has interests in 10 different sectors ranging from petrochemicals, cement, and retail to hospitality, finance, and communications. — VNS