Singaporean textile firm invests in 590-million-USD project in Nghe An
The central province of Nghe An has given in-principle approval to a 590-million-USD project by Mega Textile Singapore Limited in the Tho Loc Industrial Park.
A view of the Southeast Nghe An Economic Zone (Source: nguoiquansat.vn)
Nghe An (VNA) – The central province of Nghe An has given in-principle approval to a 590-million-USD project by Mega Textile Singapore Limited in the Tho Loc Industrial Park in Southeast Nghe An Economic Zone.
The Singaporean firm will establish Mega Textile Vietnam Co., Ltd to implement the project, which will occupy more than 51 hectares of land.
The aim of the project is to produce a wide range of textiles, including fabrics, knitwear, coloured yarns, cut semi-finished 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 semi-finished products.
Regarding the project’s timeline, the preparation of investment procedures is set to be completed by the second quarter of 2025. Phase 1 is slated to officially begin operations by the second quarter of 2028, while Phase 2 will commence by the second quarter of 2030, and Phase 3 by the second quarter of 2034.
Once operational, the project is hoped to contribute significantly to the State budget revenue and create over 15,000 jobs for locals, boosting the development of the textile industry both locally and nationwide.
Mega Textile Singapore Limited was founded on February 18, 2022. It is wholly owned by Best Pacific International Holdings Limited, a company listed on the Hong Kong Exchange.
Best Pacific is a leading name in the manufacturing and trading of textiles and belts, supplying top global sportswear and lingerie brands.
In Vietnam,♒ Best Pacific established its first factory in H꧙ai Duong province in 2016, providing employment for over 1,600 workers. The Mega Textile Vietnam project will be the largest scale project of the group./.
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