Chinese textile major plans second Vietnamese investment
Source: Fibre2fashion News Desk - India Date: 2010-09-01
Texhong, one of the China’s textile and garment majors, announced its plan to build a textile plant in Quang Ninh Province, which has been visited by the President of the group, Mr. Hong Tianzhu frequently this year. The group will invest US $100 million for this establishment.
After building a $200 million textile plant in Dong Nai Province in the year 2006, the projected plant will be Texhong’s second plant in the country. The group aims to build a huge textile plant in central region.
Pertaining to this, Mr. Hong and representatives of Texhong Viet Nam visited Quang Nam Province, in the month of May, in order to identify the location in Chu Lai Open Economic Zone, which would generate around 8,000 jobs.
According to the Chairman of the Vietnam Textile and Garment Association (VITAS), Vietnam is an attractive investment destination for Asian investors, especially Chinese investors, even though the country is witnessing a human resource scarcity.
Texhong Textile Group was first established in 1997. As one of the largest suppliers of cotton/spandex fabrics in the world, it is specialized in production and trading of highly value-added cotton fashion fabrics and has been included into the top 10 enterprises of the Chinese cotton textile industry.
