The People’s Committee of Vietnam’s Nam Dinh province has issued an investment license to China-based Jiangsu Julun Textiles Group Co. Ltd. for constructing a US$ 68 million factory, Vietnam Plus reported.
The new textile plant would come up over an area of 80,000 sq m in the Vu Ban district’s Bao Minh industrial park. The textile mill would have an annual capacity to produce 9,816 tons of yarn, in addition to weave 21.6 million metres and dye 24 million metres of cloth.
The investment license provides land lease contract for 46 years to the Chinese firm, which expects to complete the construction of the new textile plant by June 2016.
Besides Jiangsu Julun, another investor from Hong Kong has shown interest to set up a textile and garment industrial park in Nghia Hung district of Nam Dinh, according to the province’s managing board of industrial zones. However, the project is yet to be submitted to the Government for approval.
The Red River delta province of Nam Dinh has three industrial parks—Bao Minh, Hoa Xa and My Trung—which together employ about 25,000 people in 127 industrial units.
Vietnam is a major exporter of garments but the industry heavily depends on raw material imports. In view of the expected signing of the 12-nation Trans-Pacific Partnership (TPP) agreement later this year, several domestic and foreign firms are currently investing in the production of yarn and fabric in Vietnam, to take full advantage of the TPP.
The Vietnam National Textile and Garment Group (Vinatex) has also chalked out a strategy to meet the export demand for textiles and garments while decreasing raw material imports. In 2014, Vinatex plans to invest in 57 projects, including 2 on farm cotton, 15 yarn, 8 weaving and 24 garment projects.
In the first two months of the current year, Vietnamese garment and textile exports earned $3.2 billion, showing a year-on-year growth of 30.1 percent, according to the Ministry of Industry and Trade statistics.
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