China's Texhong signs investment deal with Quang Ninh

2013-9-4

China’s Texhong Textile Group has signed an investment cooperation agreement with Vietnam’s northern province of Quang Ninh.

 

At the signing ceremony, Texhong Group chairman Hong Tianzhu said the support by the province to foreign investors, particularly Texhong, has made the company more confident of doing business in the province, Viet Nam News reported.

 

Nguyen Van Doc, chairman of the People’s Committee of Quang Ninh, said the province considers Texhong as a strategic investor, and assured all possible support for the Texhong Group to kick start projects in the province.

 

The company has already started construction of a US$ 300 million yarn production plant in Hai Yen industrial zone, in Quang Ninh’s Mong Cai City.

 

The yarn production plant, coming up on an area of 40 hectares, will have six production units with a combined annual capacity of about 140,000 tons, employing about 4,500 local people.

 

A cluster of four production units will be set up in the first and second phases of the project. On completion, these units will annually produce 92,000 tons of cotton and synthetic yarn, fabrics and other products.

 

The construction of two more production units will be taken up in the third phase, which is scheduled to be completed by 2017. These two units will have a total production capacity of 46,000 tons per year.

Source:Fibre2fashion