Hong Kong's Crystal Group eyes $200 million project in Nam Dinh
Hong Kong's Crystal Group eyes $200 million project in Nam Dinh
Hong Kong-based Crystal Group unveils its plan to build a $200 million project for yarn, fabric, and garment production in the northern province of Nam Dinh.
The information was revealed at the meeting between Crystal Group and Nam Dinh People's Committee on January 12.
Crystal is one of Asia's largest garment manufacturers, with a closed-loop textile and garment chain. The Hong Kong-listed group makes clothes for brands such as Uniqlo, Victoria Secret, and other American brands.
Vietnam has been Crystal's key manufacturing hub for the past 20 years. The group operates five factories in Hai Duong, Haiphong, Bac Giang, Phu Tho, and Binh Duong. With an export revenue of about $1 billion, the garment manufacturer is creating employment for 40,000 people.
At the meeting, Chan Chi Yuen, representative of Crystal Vietnam, said, "The group is exploring the possibility of investing in the 6th project in Vietnam. The yarn, fabric, and garment production project is planned to be located in Nam Dinh's Rang Dong Textile Industrial Park."
Under the plan, the project will be developed in two phases with a total capital of $200 million. In the first phase, the group will invest $60 million in a fabric factory with an output of 55 million metres of fabric. It aims to achieve a revenue of $110 million, contribute $6 million to the state budget, and generate employment for 800 people.
The remaining capital will be earmarked for the second phase, in which the group will develop a jeans factory to double its revenue and generate jobs for 4,000 people.
"The Nam Dinh project marks the group's first project in Vietnam to be invested in on a chain scale. It is promising to be the group's greatest achievement," Yuen said.
Nam Dinh is becoming a bright spot for attracting foreign direct investment capital. In November 2023, Nam Dinh Industrial Zones Management Authority awarded an investment certificate to Singapore-based Xingyu Safety Technology for an $84 million medical equipment factory.
In October 2023, AEON Vietnam, under Japanese retailer AEON, signed an MoU with Nam Dinh People's Committee to develop the AEON Nam Dinh shopping mall. Meanwhile, Thailand's Gulf Energy Development Public Co., Ltd. has proposed the development of a power centre and a liquefied natural gas terminal.
Furthermore, Apple supplier Quanta Computer invested in a computer production project with a total investment of $120 million and a designed capacity of 4.5 million computers per year. JiaWei Corporation, a Taiwanese company, has decided to invest $100 million in high-tech household appliance manufacturing, support printing, and paper box production plants. Another investor, Sunrise Material from Singapore also develops a polymer wrap film production project worth $100 million in the locality.
