Taiwan Paiho Ltd, which manufactures shoelaces and elastic tape, said it plans to invest US$50 million to build a new plant in Viet Nam. — Photo bizlive.vn

Taiwan Paiho Ltd, which manufactures shoelaces and elastic tape, said it plans to invest US$50 million to build a new plant in Viet Nam, taipeitimes.comreported.

The plant is scheduled to start operations in the fourth quarter of next year and will produce mainly jacquard warp-knitted fabrics for global customers, the news site quoted the firm as saying.

The firm said it will install 42 machines at the Viet Nam plant next year and expects to increase them to a total of 350 machines within five years, but did not disclose a capacity target. The plant will be operated by Paiho’s subsidiary Paiho Shin Holding Corp.

Earlier this month, Paiho Shih signed $60 million of syndicated loans with KGI Bank and 13 other lenders for its investments and related business in Viet Nam.

One of Taiwan Paiho’s major customers, Taiwanese footwear manufacturer Pou Chen Corp, also has factories in Viet Nam. — VNS