Nghe An to welcome $590 million textiles project

November 29, 2024 | 18:22

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Mega Textile Singapore Private Limited will invest in a garment and textile project worth $590 million in the central province of Nghe An.

Nghe An to welcome $590 million textiles project

Nghe An to welcome $590 million garment and textile from Singaporean investor.

The project spans 50 hectares at Tho Loc Industrial Park-Phase 1, in Dong Nam Economic Zone.

The construction will be implemented in three phases. The investor will try to complete the investment procedures in the second quarter of 2025. The first phase of the factory is expected to start operation in the second quarter of 2028, the factory’s second phase is expected to start operation in the second quarter of 2030 and the third phase in the second quarter of 2034.

The aim of the project is to produce a wide range of textiles, including fabrics, knitwear, coloured yarns, cut semifinished products, clothing, and belts. The annual production capacity is expected to reach approximately 67,200 tonnes of fabric, 10,300 tonnes of knitwear, 7,200 tonnes of coloured yarn, 100 million belts, 130 million clothing items, and 2.2 million cut semifinished products.

Once completed, the factory will generate jobs for 15,000 people, contributing to the state budget of the province.

Dong Nam Economic Zone in Nghe An currently has 318 valid investment projects with a total investment registration capital of $6.86 billion.

With Mega Textile-Vietnam project’s contribution, Nghe An is estimated to pull in $1.7 billion in foreign direct investment (FDI) capital, taking the province into the top of 10 localities having the largest FDI this year.

Mega Textile Singapore is a 100 per cent-owned company of Best Pacific International Holdings Limited, which its shares are listed on the stock exchange. The group built a factory in Hai Duong in 2016. Mega Textile-Vietnam will be the largest project of the group in Vietnam.

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