Business

Taiwanese company to pour 250 million USD to expand project in Binh Duong

Polytex Far Eastern (Vietnam) Co. Ltd, a Taiwan-invested company in the southern province of Binh Duong, will increase its investment by 250 million USD in the third quarter of this year to expand its production line of super-strong fiber products used to make seat belts, airbags, and tire inner liners.
Taiwanese company to pour 250 million USD to expand project in Binh Duong ảnh 1Far Eastern Polytex (Vietnam) Co. Ltd in the southern province of Binh Duong. (Photo: vietnamfinance.vn)

Binh Duong (VNA) – Far Eastern Polytex (Vietnam)Co. Ltd, a Taiwan-invested company in the southern province of Binh Duong, willincrease its investment by 250 million USD in the third quarter of this year toexpand its production line of super-strongfiber products used to make seat belts, airbags, and tire inner liners.

The company's general director Yeh Ming Yuh unveiled the information in a meeting with Chairman of theprovincial People’s Committee Vo Van Minh on June 21.

The company started its operations in the province’s Bau BangIndustrial Park in 2015 with an initial investment of over 600 million USD. Itscapital investment now reaches 1.37 billion USD with production lines ofindustrial fiber products which are used in the production of seat belts,airbags, tire linings, and finished textile and garment products.

He said that the added investment will be used for theinstallation of a solar power system to provide electricity for production. Thecompany is committed to investing in Binh Duong towards green transformation,sustainable development, training high-quality human resources, and joininghands with the province in enhancing social responsibility to protect theenvironment and workers.

Chairman of the provincial People's Committee Vo Van Minh said that the company is now the largestforeign-invested firm in the province.

Minh said that the province commits to accompanyinginvestors to remove difficulties if any. In addition, the province always paysattention to simplifying administrative procedures, improving the local investmentenvironment, supporting the company to deploy projects quickly and smoothly,and promoting more efficient production in the coming time.

According to the province’s Department of Planning andInvestment, as of June 22, licenced foreign investment in Binh Duong reached943 million USD, equal to 37% of the figure of the same period.

Compared to 2022, the amount of foreign investment capitalis not as high, but the number of new projects has increased sharply.Specifically, since the beginning of the year, 33 new FDI projects havebeen licenced, up 11projects as compared to the same period last year.

Up to now, the province has had 4,113 foreign-invested projectswith total registered capital of 40 billion USD./.

VNA
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