Far Eastern Group to invest an additional $250 million towards expanding their factory in Binh Duong

Taiwanese conglomerate, Far Eastern Group, has announced its intention to invest more than $250 million to expand its factory in Binh Duong, Vietnam. This investment will bring the company’s total stake in the region to over $1 billion, demonstrating its commitment to industrial growth and economic prosperity. Despite facing challenges due to the pandemic, the company has remained determined and registered an additional investment of $610 million in 2021.

The funding will primarily focus on expanding production lines dedicated to manufacturing durable fibres used in safety belts, airbags, tyre reinforcement materials, and other applications. In addition, the company plans to construct a solar power plant to ensure a sustainable energy supply for its manufacturing operations. Polytex Far Eastern (Vietnam) Co., Ltd., a subsidiary of Far Eastern Group, established its factory in Binh Duong in 2015 with a registered investment capital of $274 million. The company aims to develop a highly skilled workforce and transition towards eco-friendly production practices. Vo Van Minh, Chairman of Binh Duong People’s Committee, acknowledged the company’s contribution to the province and promised support to facilitate the implementation of its projects.