Taiwanese company to pour $250 million to expand project in Binh Duong
Taiwanese Far Eastern Polytex (Vietnam) Co Ltd will increase its investment by US$250 million in Binh Duong in the third quarter to expand production.
Far Eastern Polytex (Vietnam) Co Ltd, a Taiwan-invested company in the southern province of Binh Duong, will increase its investment by US$250 million in the third quarter of this year to expand its production line of super-strong fibre products used to make seat belts, airbags, and tyre inner liners.
The company's general director Yeh Ming Yuh unveiled the information in a meeting with Chairman of the provincial People’s Committee Vo Van Minh this week.
The company started its operations in the province’s Bau Bang Industrial Park in 2015 with an initial investment of over $600 million. Its capital investment now reaches $1.37 billion with production lines of industrial fibre products which are used in the production of seat belts, airbags, tyre linings, and finished textile and garment products.
He said that the added investment would be used for the installation of a solar power system to provide electricity for production. The company is committed to investing in Binh Duong towards green transformation, sustainable development, training high-quality human resources, and joining hands with the province in enhancing social responsibility to protect the environment and workers.
Minh said that the company is now the largest foreign-invested firm in the province and that the province committed to accompanying investors to remove difficulties if any. In addition, the province always paid attention to simplifying administrative procedures, improving the local investment environment, supporting the company to deploy projects quickly and smoothly, and promoting more efficient production.
According to the province’s Department of Planning and Investment, as of June 22, licensed foreign investment in the province reached $943 million, equal to 37 per cent of the figure of the same period. Up to now, the province has 4,113 foreign-invested projects with total registered capital of $40 billion. — VNS
