Far Eastern Group invests further $250 million to expand factory in Binh Duong
Far Eastern Group invests further $250 million to expand factory in Binh Duong
Far Eastern Group, a prominent conglomerate from Taiwan, has announced an additional investment exceeding $250 million to expand its factory in Binh Duong, elevating its total stake in the region to over $1 billion and solidifying its commitment to industrial growth and economic prosperity.
In a strategic endeavour to bolster its presence and capitalise on the manufacturing sector in Binh Duong, the Taiwan-backed Far Eastern Group has committed to investing an additional sum of $250 million to grow its factory operations.
This substantial capital injection will raise the company's total investment in the region to surpass the noteworthy milestone of $1 billion.
Despite grappling with numerous challenges stemming from the pandemic, Far Eastern Group demonstrated determination in 2021, as it registered an additional investment of $610 million to augment its total invested capital.
Scheduled for implementation in the third quarter of 2023, this new funding will primarily focus on expanding the production lines dedicated to manufacturing highly durable fibres employed in the manufacture of safety belts, airbags, tyre reinforcement materials, and other related applications.
Furthermore, the firm aims to construct a solar power plant to ensure a sustainable and environmentally conscious energy supply for its manufacturing operations.
Committed to transitioning towards eco-friendly production practices and fostering sustainable development, Polytex Far Eastern (Vietnam) Co., Ltd. has reaffirmed its commitment to Binh Duong and will prioritise the development of a highly skilled workforce.
In a discussion with corporate executives, Vo Van Minh, Chairman of Binh Duong People's Committee, acknowledged that with the increased investment capital, Polytex Far Eastern stands as a key contributor to the province.
Minh requested collaboration and support from relevant departments and agencies to facilitate the expeditious implementation of the company's projects.
He also emphasised that the provincial government of Binh Duong is resolutely committed to assisting the company in swiftly surmounting any obstacles, thereby further propelling its efficient production in the foreseeable future.
Polytex Far Eastern Vietnam Co., Ltd., a subsidiary of Far Eastern Group, initially established its factory on a 99-hectare site in Bau Bang Industrial Park in 2015, with a primary focus on the production of synthetic fibres, textile dyeing, and garment manufacturing.
The registered investment capital for phase 1 of the project amounted to $274 million. In May 2022, Polytex Far Eastern Vietnam obtained the provincial certification for an additional adjusted investment of $610 million to expand its production project.
With the forthcoming investment of over $250 million, the business is solidifying its commitment to the region's industrial growth and economic development.
