Far Eastern New Cen­tury tex­tiles to in­vest NT$10 bil­lion in Viet­nam

The China Post - - TAIWAN BUSINESS -

Far Eastern New Cen­tury Corp. ( ), one of Taw­ian’s lead­ing textile mak­ers, said Fri­day that it is plan­ning to in­vest NT$10 bil­lion (US$323 mil­lion) in Viet­nam, aim­ing to trans­form the South­east Asian coun­try into the com­pany’s third pro­duc­tion base af­ter Tai­wan and China.

In an an­nual gen­eral meet­ing held Fri­day, Far Eastern Vice Chair­man Johnny Shih ( ) said that the com­pany will send rep­re­sen­ta­tives to Tinh Binh Duong, a province lo­cated in south­ern Viet­nam im­me­di­ately to the north of Ho Chi Minh City, to sign an agree­ment to pur­chase a piece of land in an in­dus­trial park for the con­struc­tion of a new fa­cil­ity.

Shih said that Far Eastern has been run­ning a fac­tory in Tinh Binh Duong since 2007, and will ex­pand its pro­duc­tion base in Viet­nam to build a large-scale, all- in- one fa­cil­ity there, cov­er­ing up­stream, mid­dle stream and down­stream textile prod­ucts.

In the first stage of the in­vest­ment process, Shih said, Far Eastern will roll out yarn prod­ucts, and then the new fa­cil­ity will en­ter dye­ing ser­vices and fi­nally pro­duce ready to wear gar­ments. The ex­ec­u­tive said that the in­vest­ment will guar­an­tee Far Eastern’s am­bi­tions to build a world-class pro­duc­tion base in Viet­nam.

In ad­di­tion to the planned NT$10 bil­lion in­vest­ments in Viet­nam, Far Eastern Chair­man Dou­glas Hsu ( ) told share­hold­ers that his com­pany will con­tinue to in­vest in Tai­wan and China with an ad­di­tional NT$10 bil­lion in funds.

Hsu said that although Far Eastern has in­vested a large sum of funds over­seas, the com­pany is de­ter­mined to stay in Tai­wan in­stead of mov­ing abroad since the textile maker is rooted in the coun­try.

Hsu said that the in­vest­ments in China and Viet­nam have been made and planned sim­ply based on con­sid­er­a­tion of where its buy­ers are.

Echo­ing Hsu, Shih said that the new in­vest­ment pro­ject in Viet­nam is po­si­tioned to help Far Eastern seize busi­ness op­por­tu­ni­ties ex­pected to arise from the pro­posed Trans- Pa­cific Part­ner­ship ( TPP) trade bloc.

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