08:37 | 01/02/2019 Economy
The Dong 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 Bac Lieu province on January 23.
|The ceremony to start construction of the Dong Nam - Bac Lieu yarn factory on January 23 - Photo: VNA|
The factory, located at Tra Kha Industrial Park in Bac Lieu city, has the total investment capital of over 500 billion VND (21.56 million USD) and is scheduled to be built in 24 months.
The first phase of the plant, with the investment of 275 billion VND, 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 be invested in with 238 billion VND.
The factory is expected to earn 525 billion VND in revenue each year and provide 500 jobs for local people.
Chairman of the Board of Directors of Vinatex Tran Quang Nghi said the factory will 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.