Texhong Group, one of the largest suppliers of cotton and spandex in the world and among the top 10 businesses in China’s textile and garment sector, is making a further push into Vietnam with its newest $300 million cutting-edge fabric plant proposed to open in Quang Ninh this May.
Texhong Group will expand its presence in Quang Ninh
>> Quang Ninh gears up for economic zone discussion
The group entered Vietnam in 2006 with a $200 million facility in the southern province of Dong Nai.
In the eyes of numerous Chinese investors, Vietnam is still a highly attractive destination for new and expansive investments. Immediately after joining a conference on promoting investment in Quang Ninh in late February 2012, Texhong made the bold decision to open this plant there.
Two years later the project has been nearly realised and will boast 500,000 spindles and 4,000 workers when it opens its doors in May. The speed of the construction is a testament to the group’s vision and confidence in the locality.
“The possibility of the Trans-Pacific Partnership (TPP) agreement being signed in the near future represents multiple growth opportunities and has helped fine-tune our development vision for higher operation efficiency,” said Texhong chairman Hong Tian Zhu.
The modern plant hopes to benefit from the TPP
When asked about why Texhong decided to open a new facility in Quang Ninh’s Mong Cai Economic Zone, Hong said “We appreciate the infrastructure conditions of the area. They are conducive to investment and trade. We can also tap the advantage of the available workforce in the Red River Delta.”
“The attractive investment climate and active support of Quang Ninh’s authorities was instrumental in our decision to settle down in Quang Ninh,” he underscored.
In reality, Texhong is acting as a strategic partner to Quang Ninh. At this time the group is also working on a project to build the Hai Ha seaport industrial park (IP), slated for execution in the first quarter of this year.
The IP’s prime target is to promote textile and garment and supporting industry chains to address growing market needs and satisfy TPP requirements.
Texhong has ambitious expansion plans
“We hope more domestic and foreign investors tap Quang Ninh’s advantages and contribute to building a more prosperous Vietnam,” Hong said.
Founded in 1997 and listed on the Hong Kong Stock Exchange in 2004, Texhong boasts an expansive network of more than 1,600 major customers and sales agents in Hong Kong, China, Korea, Bangladesh and several countries throughout Europe.
To satisfy ever-increasing global demand the group has built 11 textile and garment plants in China’s Changjiang triangle (Shanghai, Jiangsu and Zhejiang) and three plants in Vietnam’s northern and southern regions.
By the end of 2013 the group’s headcount surpassed 18,000 with the total production value exceeding $1.62 billion per year.
By Thu Le
Chinese firm targets Quang Ninh expansion plans Related image(s)
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