The Management Board of Industrial Parks in Nam Dinh province issued an investment license on February 28 to the YI DA DENIM MILL (VN) CO., LTD project manufacturing non-dyed and dyed fabric products at the Rang Dong Textile Industrial Park.

The investor, Crystal Denim Textiles (BVI) Limited, is the legal representative registered to invest in the project.

The project covers a total land area of 241,600 sq m in Block R at the Rang Dong Textile Industrial Park, and has total investment capital of $60 million. Of this, VND293.4 billion ($12 million), or 20 per cent of the total investment capital, is contributed by BVI Limited. The project specializes in manufacturing both non-dyed and dyed fabric products.

According to the investment license, the project will be implemented in three phases. Phase 1 has total investment of VND880.2 billion ($36 million), with the investor to focus on completing related legal procedures. It is expected that construction will commence in 2024 and be completed in the first quarter of 2026, then the project will conduct machinery trial operations in the second quarter of 2026 before officially commencing production from the third quarter of 2026.

Phase 2 of the project has total investment of VND293.4 billion ($12 million), with the investor to complete legal procedures and commence construction from the fourth quarter of 2026 to the second quarter of 2028, then complete construction and conduct machinery trial operations in the second quarter of 2028 and officially commence production in the fourth quarter of 2028.

Phase 3 has total investment capital of VND293.4 billion ($12 million), with the investor to complete legal procedures and commence construction from the third quarter of 2028 to the second quarter of 2030, complete construction and conduct machinery trial operations in the third quarter of 2030 and officially commence production in the fourth quarter of 2030.

It is expected that, upon completing all three phases of construction, the project’s annual capacity will reach 55 million sq m of dyed fabric, 5 million sq m of non-dyed fabric, and 20 million items of clothing.

According to the Management Board of Industrial Parks in Nam Dinh province, the YI DA DENIM MILL (VN) CO., LTD project is a subsidiary project of the Crystal Group from Hong Kong (China).

Research from Business Forum reveals that the Crystal Group is one of the leading conglomerates in the region and the world in the integrated textile chain, is listed on the Hong Kong (China) stock market, and has earned revenue of about $2.5 billion, with main customers including Uniqlo, Victoria’s Secret, and US retail brands. Earlier, in January, leaders from Nam Dinh province also met with the Crystal Group regarding the proposed investment project at the Rang Dong Textile Industrial Park.

Mr. Chan Chi Yuen, Director of Financial Control in Asia, in charge of developing projects in Vietnam, the Crystal Group conducted studies and decided on the need to invest in a sixth project in fiber, fabric, and garment production at the Rang Dong Textile Industrial Park. This project is the first in Vietnam to be invested in a chain scale by the group, and promises to be its greatest achievement.

It is expected to be divided into two investment phases with total capital of nearly $200 million. Phase 1 will invest in a fabric production plant with total capital of $60 million, providing employment for 800 workers and estimated to generate revenue of about $110 million, while contributing approximately $6 million to the State budget. In the next phase, the group will invest in a jeans factory, providing employment to 4,000 workers, double its total revenue, increase its contributions to the State budget, and conduct social welfare activities in the locality.

Mr. Pham Gia Tuc, Secretary of the Nam Dinh Provincial Party Committee, said the province creates favorable conditions to fully support all domestic and foreign businesses in accordance with the legal framework at all stages, from promotion, implementation of procedures, and project investment deployment to operations, production development, and business expansion.