|The Vietnam National Textile and Garment Group (Vinatex), has begun construction of the first yarn factory in the southwestern region in Bạc Liêu province. — VNA/VNS Photo|Viet Nam News
Bạc Liêu — The Đông Nam Textile JSC, a subsidiary of the Vietnam National Textile and Garment Group (Vinatex), began construction of the first yarn factory in the southwestern region in Bạc Liêu Province on Wednesday.
The factory, located in the Trà Kha Industrial Park in Bạc Liêu City, has total investment capital of over VNĐ500 billion (US$21.56 million) and is scheduled to be built in 24 months.
The first phase of the plant, with investment of VNĐ275 billion, is designed to produce 3,500 tonnes of yarn each year when it begins operations in late 2019.
The annual production capacity will be raised to 4,500 tonnes in the second phase, which will have investment of VNĐ238 billion.
The factory is expected to earn VNĐ525 billion in revenue each year and provide 500 jobs for local people.
Chairman of the Board of Directors of Vinatex Trần Quang Nghị said the factory would be equipped with modern technologies from Europe, Japan and India, with its products looking to satisfy the textile-garment sector’s production and export demands. — VNS