ANN/VIETNAM NEWS – Singapore-based Mega Textile Singapore Private Limited has received approval from the Vietnamese Nghe An Provincial Party Committee for a USD590-million foreign direct investment (FDI) project to establish a major fabric manufacturing facility.
The project, named Mega Textile-Viet Nam, will span over 51 hectares in the Tho Loc Industrial Park within the Southeast Nghe An Economic Zone. It marks a significant Singaporean contribution to Vietnam’s burgeoning textile industry and underscores the growing economic ties between the two nations.
With an annual production capacity of 67,200 tonnes of fabric, the factory will also manufacture 10,300 tonnes of knitted goods, 7,200 tonnes of coloured yarn, 130 million clothing pieces, 100 million belts and 2.2 million semi-finished products. Preparatory work is expected to conclude by mid-2025, with trial operations beginning in 2028. Upon completion, the facility is projected to create 15,000 jobs for local workers.
This investment elevates Nghe An’s FDI inflows to nearly USD1.7 billion in 2024, positioning the province among Vietnam’s top 10 FDI destinations.
Mega Textile Singapore is a wholly-owned subsidiary of Best Pacific International Holdings Limited, specialising in fabric production for global sportswear. This project builds on Best Pacific’s prior success in Vietnam, where its Hai Duong factory, launched in 2016, employs over 1,600 people.
The investment highlights Singapore’s continued commitment to Vietnam’s economic development and reflects Vietnam’s growing appeal as a hub for high-value manufacturing.
