Vinatex to invest $228.5 million in Quang Binh

Thursday, Apr 10, 2014 16:09

Vinatex is planning to grow cotton in the province of Quang Binh for its spinning mills.— Photo

HA NOI (Biz Hub)— Vietnam National Textile Garment Group (Vinatex) will invest VND4.8 trillion(US$228.5 million) in three projects in the central province of Quang Binh.

According to information published on Vinatex's website, the projects that were granted licenses were a fibre plant and a garment factory in Quang Phuc Ward, Ba Don Town and a garment factory in the Gia Ninh Commune, Quang Ninh District.

In addition to the three projects , the group has signed a memorandum of cooperation with the Quang Binh Province for four other projects, such as the research and development of cotton and eucalyptus materials for the group's spinning mills, investment research for the construction of a fibre plant in Quang Ninh District, investment research for a fibre weaving and dyeing complex in Bac Quan Hau Industrial Park, and an investment survey related to garment factories for export in the Le Thuy and Quang Trach Districts.

According to Vinatex, Quang Binh Province has committed to offer its preferential policies for their projects, while the Bank for Investment and Development of Viet Nam (BIDV) has signed a principle agreement to arrange capital for them.

On April 5, Quang Binh Province held its first conference to promote local investment, in which about 200 delegates participated. According to the province, it now has 276 registered projects with a total capital of some VND100 trillion (US$4.8 billion).

Meanwhile, after recording over US$20 billion in textile exports in 2013, Vietnam plans to reach a target of about US$24.5 billion this year, noted Vinatex. — VNS

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