Home / Investment / News
Yarn giant Texhong to invest US$500 million in Vietnam
Hai Yen 14:44, 2020/03/07
Strong support from the government to enterprises, as well as Vietnam’s effective anti-virus measures have been key factor for Texhong to expand investments in the country.

Hong Kong-listed Texhong Textile Group, a globally dominant yarn producer, plans to invest an addition of US$500 million in Vietnam in 2020, according to Texhong Vietnam’s CEO Tao Hui.

 Overview of the meeting. Source: VNA. 

Strong support from the prime minister, ministries and provinces/cities to enterprises, as well as effective anti-virus measures in the country have been key factors for Texhong to expand investments in Vietnam, said Tao Hui in a meeting with Prime Minister Nguyen Xuan Phuc on March 6.

Tao Hui said Texhong’s plants in Vietnam, which currently employs nearly 20,000 locals, have resumed normal operation, reaching 97 – 98% of production capacity, adding the company is determined to accompany the government in realizing the dual target of preventing the epidemic and boosting economic growth set by PM Phuc.

Tao Hui requested the government and Quang Ninh province to speed up clearance process for goods transportation and allowing Texhong’s experts and staffs to enter Vietnam.

The company is committed to strictly following regulations of the local authority regarding Covid-19 prevention, Tao Hui stressed.

At the meeting, Phuc said Texhong is an example of Chinese companies doing business in Vietnam, contributing significantly to Vietnam – China comprehensive partnership.

Texhong has been a major supplier of yarn for Vietnam’s textile industry, accounting for 43% of total input materials.

Phuc added Vietnam has been in control of the epidemic and remains firm on materializing the dual target.

On this occasion, Phuc sent greetings to workers at over 2,800 Chinese projects in Vietnam and expressed hope they would have similar success to Texhong.

TAG: Vietnam Texhong covid-19 coronavirus nCoV Hong Kong China
Other news
13:08, 2020/08/22
Only 5% FDI projects in Vietnam use high technologies
Vietnam is home to 32,539 valid foreign direct investment (FDI) projects with registered capital of a combined US$381 billion, of which US$233 billion has been fully disbursed.
08:39, 2020/39/22
Hyundai starts building US$138-million automobile plant in Vietnam
The plant, considered one of the most important projects of Hyundai, is invested with an estimated VND3.2 trillion (US$137.44 million) and able to produce 100,000 vehicles per year.
00:51, 2020/51/20
Apple partner Pegatron mulls US$1-billion investment in hi-tech projects in Vietnam
These projects are expected to create 22,500 direct jobs and manufacture products that are supplied to Microsoft, Sony, Lenovo and Apple.
15:45, 2020/45/18
Singapore enterprises hold Vietnam business environment in high regards
In the first eight months of 2020, Singapore was Vietnam’s largest investor with US$6.54 billion, accounting for 33.5% of total commitment.
15:59, 2020/59/17
European investors propose US$1 billion logistics project in Vietnam
This is one of large-scale projects of European investors after the EU – Vietnam Free Trade Agreement (EVFTA) came into force in early August.
11:14, 2020/14/14
Vietnam ranked world’s second M&A attractive market: Euromonitor
The country is set to score 102 and 94.6 out of the maximum of 250 in 2020 and 2021, staying behind only the US with its respective scores of 108.9 and 112.5.