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
#Vietnam Plus #Vietnam News Agency #Binh Duong #Polytex Far Eastern (Vietnam) Co. Ltd #investment #industrial park Binh Duong
Follow VietnamPlus

Related News

Firms call for support as wood exports slump

Firms call for support as wood exports slump

Timber enterprises were calling for support in terms of market information, requirements and consumer tastes to cope with declining exports which were pushing them into many difficulties from the beginning of this year.
Binh Duong announces solutions for smart city development

Binh Duong announces solutions for smart city development

Solutions for developing smart cities and industrial parks in the southern province of Binh Duong were announced at a ceremony jointly organised by the provincial People’s Committee, Becamex IDC, and Japanese telecommunications company Nippon Telegraph and Telephone (NTT) on June 9.
International wood fair to open in Binh Duong

International wood fair to open in Binh Duong

The BIFA Wood Vietnam 2023 fair will return to the southern province of Binh Duong from August 9-12, the event's organisers announced at a press conference in the locality on June 22.

See more

Deputy Prime Minister Tran Hong Ha speaks at the meeting on May 7. (Photo: VNA)

Deputy PM calls for acceleration of public capital disbursement

Seven localities with disbursement rates higher than the national average were Phu Tho (46.71%), Thanh Hoa (39.02%), Ha Tinh (29.43%), Nghe An (22.56%), Quang Binh (19.23%), Bac Giang (18%), and Hoa Binh (17.34%). Notably, the Ministry of Construction and Hanoi city had the absolute disbursement figures, over 11.82 trillion VND and nearly 9.6 trillion VND, respectively.

Illustrative photo (Photo: VNA0

Stock market upgrade expected by September

The Ministry of Finance (MoF) is actively implementing a comprehensive plan to enhance market capabilities and meet the stringent criteria set by international rating agencies such as FTSE Russell and MSCI.

Illustrative image (Photo: VNA)

Vietnamese businesses invest 309.3 million USD abroad in four months

This includes over 269 million USD poured into 43 new projects, nearly three times higher than the same period last year and an additional 40 million USD injected into 12 existing projects, 69 times higher than the amount recorded in the corresponding period of 2024.

Visitors explore products at the Ho Chi Minh City Pavilion during the Sydney Build Expo 2025. (Photo: VNA)

Vietnam impresses at Sydney Build Expo 2025 with largest-ever pavilion

Sydney Build Expo is Australia’s largest annual construction and design trade show, backed by the Mayor of Sydney and Premier of New South Wales. The expo offers a valuable platform for Vietnamese firms to explore market trends, connect with distributors and contractors, and promote their products on the global stage.

The first months of 2025 have seen increases in both new business registrations and firms returning to the market. (Photo: VNA)

Vietnam’s reform efforts boost business confidence: Official

The first quarter of this year saw the registration of 36,400 new businesses, on par with 2024 but up around 1.2 times compared to same time in the 2017–2023 period. Notably, the amount of newly-registered capital also rose by about 1.5% year-on-year.

At a WTO committee's meeting (Photo: VNA)

Vietnam attends WTO meetings on trade defence

The World Trade Organisation (WTO) committees on trade defence held a series of meetings from April 28 to May 1, the Permanent Mission of Vietnam to the United Nations, the WTO, and other international organisations in Geneva, Switzerland, announced on May 6.

Sunjin AT&C Vina Co., Ltd., a 100% Korean-invested enterprise located in the Chan May – Lang Co Economic Zone, Hue City, specialises in the production of knitted textile products for export. (Photo: VNA)

FDI inflow into Vietnam surges by nearly 40% in four months

While newly-registered capital declined by 23.8% to 5.59 billion USD, additional capital injections into existing projects increased nearly 3.9 times to 6.4 billion USD. Capital contributions and share purchases in the four months reached 1.83 billion USD, or a 2.1-fold increase year-on-year.