Taiwan’s leading textile company, Far Eastern New Century, aims to capitalize on the opportunities available in Vietnam, like cheap labour, by shifting its manufacturing operations from China to Vietnam.
Eric Hu, President, Far Eastern New Century averred, “We cannot think of a better place to build our new manufacturing base than Vietnam, which offers cheap, high-quality labour, and stands to possibly benefit from the Trans-Pacific Partnership,” while adding that the company is doubling production lines at its clothing factories in Vietnam and is expecting to triple the annual output of its fabric-dyeing and finishing plants in southern part of the country.
The President of the company also confirmed a plan announced earlier this year to more than double the company’s investment in Vietnam from US $ 300 million to US $ 760 million and further mentions plans to continue to build more facilities including fabric and yarn factories later in Vietnam.
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It may be mentioned here that Far East’s dyeing plant in Vietnam is the company’s third-largest facility in the world after the company’s factories in China and Taiwan, which mainly produce yarn, fabric and synthetic fibres.
Far Eastern currently supplies textile materials for global apparel brands such as Nike, Under Armour, Adidas, H&M, Columbia Sportswear, Uniqlo’s parent company Fast Retailing and J.Crew.
