According to local reports citing information revealed at a meeting between Crystal International Group and Nam Dinh People’s Committee, the yarn, fabric, and garment production project will be located in Nam Dinh’s Rang Dong Textile Industrial Park.
It would mark Crystal Group’s sixth investment in Vietnam.
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According to Vietnam Investment Review, the project will be developed in two phases with a total capital of $200m. In the first phase, the group will invest $60m in a fabric factory with 55m metres of fabric output. It aims to achieve a revenue of $110m, contribute $6m to the state budget, and generate employment for 800 people.
The remaining capital will be earmarked for the second phase, in which the group will develop a jeans factory to double its revenue and generate jobs for 4,000 people.
Quoting Chan Chi Yuen, a representative of Crystal Vietnam the report said this is the group’s “first project in Vietnam to be invested in on a chain scale”.
Crystal International Group did not return request for comment at time of press.
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By GlobalDataMeanwhile, the most recent data from the US Office of Textiles and Apparel revealed that Vietnam was one of only three countries in November to see its garment exports to the US grow.
