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Far Eastern Polytex (Vietnam) Co. Ltd in the southern province of Binh Duong. (Photo: vietnamfinance.vn) |
Polytex Far Eastern (Vietnam) Company, a Taiwan-invested company in the southern province of Binh Duong, will increase its investment by US$250 million in the third quarter of this year to expand its production line of super-strong fiber products used to make seat belts, airbags, and tire inner liners.
The company's general director Yeh Ming Yuh unveiled the information in a meeting with Chairman of the provincial People’s Committee Vo Van Minh on June 21.
The company started its operations in the province’s Bau Bang Industrial Park in 2015 with an initial investment of over US$600 million . Its capital investment now reaches US$1.37 billion with production lines of industrial fiber products which are used in the production of seat belts, airbags, tire linings, and finished textile and garment products.
He said that the added investment will be used for the installation of a solar power system to provide electricity for production. The company is committed to investing in Binh Duong towards green transformation, sustainable development, training high-quality human resources, and joining hands with the province in enhancing social responsibility to protect the environment and workers.
Chairman of the provincial People's Committee Vo Van Minh said that the company is now the largest foreign-invested firm in the province.
Minh said that the province commits to accompanying investors to remove difficulties if any. In addition, the province always pays attention to simplifying administrative procedures, improving the local investment environment, supporting the company to deploy projects quickly and smoothly, and promoting more efficient production in the coming time.
According to the province’s Department of Planning and Investment, as of June 22, licenced foreign investment in Binh Duong reached US$943 million equal to 37 percent of the figure of the same period.
Compared to 2022, the amount of foreign investment capital is not as high, but the number of new projects has increased sharply. Specifically, since the beginning of the year, 33 new FDI projects have been licensed, up 11 projects as compared to the same period last year.
Up to now, the province has had 4,113 foreign-invested projects with total registered capital of US$40 billion.
