Far Eastern Polytex (Vietnam) Co Ltd is now the largest foreign-invested firm in Bình Dương Province. — Photo courtesy of the company

BÌNH DƯƠNG — Far Eastern Polytex (Vietnam) Co Ltd, a Taiwan-invested company in the southern province of Bình Dương, will increase its investment by US$250 million in the third quarter of this year to expand its production line of super-strong fibre products used to make seat belts, airbags, and tyre inner liners.

The company's general director Yeh Ming Yuh unveiled the information in a meeting with Chairman of the provincial People’s Committee Võ Văn Minh this week.

The company started its operations in the province’s Bàu Bàng Industrial Park in 2015 with an initial investment of over $600 million. Its capital investment now reaches $1.37 billion with production lines of industrial fibre products which are used in the production of seat belts, airbags, tyre linings, and finished textile and garment products.

He said that the added investment would be used for the installation of a solar power system to provide electricity for production. The company is committed to investing in Bình Dương 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.

Minh said that the company is now the largest foreign-invested firm in the province and that the province committed to accompanying investors to remove difficulties if any. In addition, the province always paid attention to simplifying administrative procedures, improving the local investment environment, supporting the company to deploy projects quickly and smoothly, and promoting more efficient production.

According to the province’s Department of Planning and Investment, as of June 22, licensed foreign investment in the province reached $943 million, equal to 37 per cent of the figure of the same period. Up to now, the province has 4,113 foreign-invested projects with total registered capital of $40 billion. — VNS