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Vietnam to invest $13 million in a number of projects for capacity increasing and exploring new FTA’s

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vietnam-textilesTextile and apparel companies all throughout Vietnam have started new projects to boost capacity, complete supply chains, and explore new FTAs. Century Synthetic Fiber Corporation, according to Vietnam Plus, has approved a $120 million investment plan for the Unitex synthetic  fiber production project in Tay Ninh province. Century Fiber Corporation will become the country’s second-largest fiber manufacturer as a result of the investment, which will expand the plant’s capacity to 120,000 tons per year. This year, the Viet Tien Garment Corporation wants to invest 300 billion VND ($13 million) in a number of projects, including 100 billion VND ($4.3 million) in the establishment of the Viet Thai Tech Co. Ltd to secure raw material supplies.

TCM (Thai Cong Textile Garment Investment Trading Joint Stock Company) will begin building on its Vinh Long 2 factory this year. With a $10 million investment, the factory can produce 9 million pieces each year. Its textile-garment business benefits from a variety of free trade agreements (FTAs), which encourage them to invest in expanding output. These new investment initiatives will address input material shortages in the sector, particularly in the manufacturing of raw materials such as yarn and fabric.