Business

Binh Duong starts construction on joint venture textile factory

Construction on a textile factory began in the southern province of Binh Duong on October 6, marking the first joint-venture between businesses from Hong Kong (China) and Vietnam.
Construction on a textile factory began in the southern province of BinhDuong on October 6, marking the first joint-venture between businessesfrom Hong Kong (China) and Vietnam.

Funded by Hong Kong’sHaputex Development Limited and Viet Huong Investment Development JSC,the 120 million USD facility will cover an area of 12ha and produce 36million meters of fabric per year, once it starts operations in late2015.

By 2019, the factory aims to expand its annual capacityto 96 million meters of fabric, predominantly using made-in-Vietnammaterials and technology from Germany and Japan.

Nearly 90 percent of products will be exported to the US, with the rest going to Japan.

Over 3,000 local residents are expected to be employed by the factory.-VNA
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