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Nghe An approved the investment policy of FDI project with total capital of 590 million USD.

Pham Bang November 28, 2024 10:52

The Standing Committee of Nghe An Provincial Party Committee approved the investment policy of an FDI project with a total investment of 590 million USD at Tho Loc Industrial Park phase 1, part of the Southeast Economic Zone.

On the morning of November 28, the Standing Committee of Nghe An Provincial Party Committee held its regular meeting for November 2024. Comrade Nguyen Duc Trung - Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee chaired and directed the meeting.

Attending the meeting were comrade Hoang Nghia Hieu - Standing Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Council; representatives of Party Committees, the Central Inspection Committee in charge of the Nghe An Provincial Party Committee and comrades of the Standing Committee of the Provincial Party Committee...

Toàn cảnh phiên họp Ban Thường vụ Tỉnh uỷ thường kỳ tháng 11/2024. Ảnh: Phạm Bằng
Overview of the regular meeting of the Provincial Party Standing Committee in November 2024. Photo: Pham Bang

At the meeting, after listening to the opinions of relevant departments, branches and sectors, the Provincial Party Standing Committee approved the investment policy of the Mega Textile - Vietnam Project in Dien Tho commune, Dien Chau district, Tho Loc Industrial Park phase 1 (Southeast Economic Zone) invested by investor MEGA TEXTILE SINGAPORE PRIVATE LIMITED (Singapore).

The investor has established Mega Textile Vietnam Co., Ltd. to implement the project. The total investment of the project is 590 million USD (equivalent to 14,775.9 billion VND), the land lease area is more than 51 hectares.

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Head of the Southeast Economic Zone Management Board Le Tien Tri reports on the investor's investment proposal. Photo: Pham Bang

The project's objective is to produce all kinds of fabrics, knitting of all kinds, colored yarns, semi-finished cut products, garments, belts... with a capacity of about 67,200 tons/year of all kinds of fabrics; about 10,300 tons/year of knitting of all kinds; about 7,200 tons/year of colored yarns; belts about 100 million products/year of garments; about 130 million products/year of semi-finished cut products; about 2.2 million products/year of semi-finished cut products.

According to schedule, by the second quarter of 2025, the project will complete investment procedure preparation; by the second quarter of 2028, phase 1 will officially operate; by the second quarter of 2030, phase 2 will officially operate; and by the second quarter of 2034, phase 3 will officially operate.

Once operational, the project will contribute to the State budget and create jobs for more than 15,000 local workers, contributing to promoting the development of the garment industry locally as well as nationwide.

Dự án đầu tư xây dựng và kinh doanh hạ tầng Khu công nghiệp Thọ Lộc giai đoạn 1 do Công ty TNHH VSIP Nghệ An làm chủ đầu tư được Thủ tướng Chính phủ chấp thuận chủ trương vào tháng 2/2023. Quy mô diện tích dự án là 500 ha, trong đó, giai đoạn 1 là 300,2 ha, giai đoạn 2 là 199,8 ha; tổng mức đầu tư hơn 3.826 tỷ đồng. Ảnh: Thành Cường
The project to invest in construction and business of infrastructure of Tho Loc Industrial Park phase 1, invested by VSIP Nghe An Company Limited, was approved in principle by the Prime Minister in February 2023. The project area is 500 hectares, of which phase 1 is 300.2 hectares, phase 2 is 199.8 hectares; total investment is more than 3,826 billion VND. Photo: Thanh Cuong

With the approval of the investment policy of the Mega Textile - Vietnam Project, the result of attracting FDI capital of Nghe An province has reached more than 1.567 billion USD and is expected to reach nearly 1.7 billion USD by the end of 2024. This is the second consecutive year that Nghe An has attracted more than 1.6 billion USD, continuing to expect to be in the top 10 provinces and cities attracting the highest FDI in the country.

Also at the meeting, the Provincial Party Standing Committee agreed to adjust the investment policy of the VSIP Nghe An Industrial, Urban and Service Park Project in Hung Nguyen district, in the Southeast Nghe An Economic Zone.

MEGA TEXTILE SINGAPORE PRIVATE LIMITED was established on February 18, 2022 under Singapore law. This is a 100% owned enterprise by Best Pacific International Holdings Limited - a company listed on the Hong Kong Stock Exchange.

Best Pacific is one of the leading names in the field of manufacturing and trading of fabrics and belts supplying to the world's leading sportswear and underwear brands.

In Vietnam, Best Pacific Group has built its first factory in Hai Duong province since 2016, creating jobs for more than 1,600 workers. Mega Textile - Vietnam is the largest project of Best Pacific Group.

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Nghe An approved the investment policy of FDI project with total capital of 590 million USD.
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