TAL Group will expand its investments in Vietnam with a US$ 200 million garment and textile project in Phase I. TAL Group CEO Roger Lee announced plans for a 2nd factory in Vietnam, “especially thanks to the duty savings that we could get under TPP.” .
This brings the total announced TPP-related FDI in Vietnam’s textiles/apparel sector to over $1 billion. TAL is among several companies that are investing in Vietnam in view of the benefits that the country would get as it nears the signing of the TPP. Hong Kong’s Texhong Corporation and Sunrise Textile Co., Japan’s Toray International and Mitsui Corporation, S Korea’s Kyungbang, Austria’s Lenzing, have also announced FDI plans.
This is the second project of its kind in Vietnam.
During a recent working session in Hanoi with Deputy Minister of Planning and Investment (MPI), Cao Viet Sinh, TAL Hong Kong Development Director Roger Lee said that his group wants to expand its investments in Vietnam with a $200 million project to manufacture fabrics, garments and textiles.
The products will be produced using modern technologies that do not cause pollution and the company will ensure environment standards, he said
Lee said that the group will also work on the project with representatives from the Vietnam National Garment and Textile Group (Vinatex) and the Ministry of Industry and Trade (MoIT).
The MPI is willing to support and create favourable conditions for TAL to expand investment in Vietnam and has assigned the Foreign Investment Agency to contact TAL on supporting the progress of the project, said Deputy Minister Sinh.