A 274 million USD textile project run by a Taiwanese company got aninvestment certificate from southern Binh Duong province authorities onJune 29.

Polytex Far Eastern Co. Ltd, a member ofTaiwan’s Far Eastern Group, will spend 274 million USD on phase one ofthe project, which will cover 99 hectares at the Bau Bang industrial andurban park.

The factory will have an annual capacityof 21,600 tonnes of polyester fibre, 21,600 tonnes of polyester drawntextured yarn, 127 million square metres of knitting fabric and 96,000square metres of cotton cloth.

When operational, it is expected to create more than 3,000 jobs for local people.

Polytex Far Eastern Chairman Cheng Chen Yu said the Bau Bangindustrial park owns favourable investment climate, adding that theTaiwanese group will pour 700 million – 1 billion USD into phase two ofthe project.

The Far Eastern Group is a leading corporation in Taiwan with total assets estimated at nearly 80 billion USD.

Chairman of the Binh Duong People’s Committee Tran Van Nam pledgedfavourable conditions for the project implementation and believed thatthe project will help ensure material supply for the footwear andapparel sectors once Vietnam joins the Trans-Pacific Partnershipagreement.

Binh Duong province, located in thesouthern key economic region, attracted over 1 billion USD in foreigninvestments during the first half of this year, exceeding its yearlytarget.-VNA