The Southeast Nghệ An Economic Zone in Diễn Châu District where the Mega Textile–Việt Nam fabric factory will be built. — Photo nguoiquansat.vn

The Standing Committee of the Nghệ An Provincial Party Committee on Thursday approved a foreign direct investment (FDI) project worth US$590 million from Singapore.

The Mega Textile-Việt Nam factory will be built by Mega Textile Singapore Private Limited Company, on a total area of over 51 hectares in the Thọ Lộc Industrial Park, located in the Southeast Nghệ An Economic Zone in Diễn Châu District.

The factory will produce various types of fabrics at a yearly capacity of 67,200 tonnes, knitted goods (10,300 tonnes), coloured yarn (7,200 tonnes), clothing (130 million pieces), belts (100 million) and semi-finished products (2.2 million).

Preparation procedures are expected to be completed by the second quarter of 2025. The factory will begin trial operations in the second quarter of 2028 and is expected to provide jobs for 15,000 locals.

The project will boost FDI investment capital into Nghệ An this year to nearly $1.7 billion, bringing the province into the top 10 localities with largest FDI in the country.

Mega Textile Singapore Private Limited was established in 2022. It is a wholly-owned subsidiary of Best Pacific International Holdings Limited, a publicly listed group on the Hong Kong Stock Exchange.

Best Pacific is a leading producer and trader of fabrics for renowned global sportswear and undergarment brands. The group built its first factory in Việt Nam in Hải Dương Province in 2016, providing employment for over 1,600 people. — VNS