Hong Kong (China)’s Crystal Group, one of the leading conglomerates in the region and globally in integrated textile chains, held a working session recently with leadership in northern Nam Dinh province to propose an investment project in fiber, fabric, and garment production at the Rang Dong Textile Industrial Park in Nghia Hung district.

Mr. Chan Chi Yuen, Director of Financial Control in Asia and in charge of project development in Vietnam at the Crystal Group, said it conducted research and decided to invest in its sixth project in fiber, fabric, and garment production at the Rang Dong Textile Industrial Park.

The project is expected to be undertaken in two phases, with total capital of nearly $200 million. “This is also Crystal’s first project in Vietnam to be invested in on a chain scale, and promises to be our most significant achievement,” he added.

In the first phase, a fabric production plant will be invested in with total capital of $60 million and a capacity of 55 million sq m of fabric, employing 800 workers, posting annual revenue of around $110 million, and contributing approximately $6 million to the State budget each year.

The remaining capital will be implemented in the second phase, to invest in a jeans factory employing 4,000 workers, and is expected to double total revenue and increase contributions to the State budget and to local social welfare activities.

In discussions with the Crystal Group, Secretary of the Nam Dinh Provincial Party Committee Pham Gia Tuc emphasized that in addition to domestic investors, Nam Dinh also prioritizes attracting foreign investors, considering this as a source of rapid and sustainable growth. It also highly values investors who bring high-tech factors, environmental protection, significant contributions to the State budget, and social welfare for workers, along with project investment progress. Though the anticipated budget contributions from the project are not high, the province greatly appreciates the Crystal Group’s ability to supply production materials at the source for the textile industry nationwide and in Nam Dinh.

Mr. Tuc affirmed that Nam Dinh has become a destination for many major global investors, proactively handles all matters, and will support the Group with the most favorable conditions possible in administrative procedures, investment, production operations, and business.