Textile manufacturer Far Eastern New Century Corp (遠東新世紀) yesterday said it is planning to invest NT$10 billion (US$321.2 million) in Vietnam, aiming to transform the Southeast Asian country into the company’s third production base after Taiwan and China.
Far Eastern vice chairman Johnny Shih (席家宜) told shareholders that the company is sending representatives to Vietnam’s Tinh Binh Duong Province to sign an agreement to purchase a piece of land in an industrial park for the construction of a new facility.
Far Eastern has been running a factory in Tinh Binh Duong since 2007 and will expand its production base in Vietnam to build an all-in-one facility covering upstream, midstream and downstream textile products, Shih said.
The facility will start by manufacturing yarn products and expand into dyeing and, finally, ready-to-wear garments, he said.
The large-scale investment is to support Far Eastern’s ambitions to build a world-class production base in Vietnam, while helping it seize business opportunities if the US-led Trans-Pacific Partnership trade bloc is established, he said.
Far Eastern chairman Douglas Hsu (徐旭東) told shareholders that the company would continue to invest in Taiwan and China, pouring in an additional NT$10 billion in funds.
Shareholders approved a company proposal to issue a cash dividend of NT$1.2 and stock dividend of 2 percent based on last year’s net earnings of NT$11 billion, or NT$2.25 per share.
Far Eastern reported a net profit of NT$2.6 billion in the first quarter this year, up 45 percent from a year earlier.
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