The world’s largest yarn producer to invest US$500 million in Vietnam

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.

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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 Friday. Hai Yen reports on the Hanoi Times.

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 Vietnam’s Prime Minister Nguyen Xuan 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, Vietnam’s Prime Minister Nguyen Xuan 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.

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

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

Reporting by Hai Yen @ Hanoi Times