Far Eastern to add USD 250 million to investment portfolio in Binh Duong province

On the afternoon of June 21, Vo Van Minh, Deputy Secretary of Binh Duong provincial Party Committee, Chairman of the provincial People's Committee received and worked with Yeh Ming Yuh, General Director of Polytex Far Eastern (Vietnam) Co. Ltd.

Yeh Ming Yuh said at the meeting that Polytex Far Eastern Vietnam Co. Ltd. had invested in Bau Bang Industrial Park in 2015 for manufacturing synthetic fibers, finished textile dyeing and garments. In 2021, amid many difficulties due to the impact of the COVID-19 epidemic, Polytex Far Eastern Co. Ltd.'s synthetic fiber production project in Bau Bang Industrial Park was with registered investment capital increase by USD 610 million for total capital investment of USD 1.370 billion.

In the third quarter of 2023, the company will continue to pour more than USD 250 million into Binh Duong to become the largest investment project in the province. According to the plan, the company will invest in expanding the production line with super-strong fiber products applied in the production of seat belts, airbags, and lining in tires. Responding to green transformation in production, the company will also build a solar power plant to provide electricity for production. Polytex Far Eastern Company is committed to investing in Binh Duong towards green transformation, sustainable development, high-quality human resources and joint hands with Binh Duong in enhancing social responsibility to protect the environment and the workers.

Chairman of the provincial People's Committee Vo Van Minh said that Far Eastern Polytex Co. Ltd. at present is the enterprise with the largest investment capital in Binh Duong for more than USSD 1.37 billion and has operated with prestige for many years. Binh Duong is focusing on perfecting in the direction of synchronous, simplified administrative procedures which are convenient in investment and promoting socio-economic development. Welcoming the company's investment plan in the third quarter of 2023, Chairman Vo Van Minh suggested relevant departments and agencies to actively coordinate and support the company to quickly and smoothly deploy the project. The Chairman of the provincial People's Committee affirmed that the Binh Duong provincial authority will accompany and support the company to quickly solve problems to promote more efficient production in the coming time. At the same time, it is expected that Far Eastern Polytex Co. Ltd. will continue to develop business, contributing to the socio-economic development of the province.

Reported by Ngoc Thanh – Translated by Vi Bao