The Taiwanese-invested Polytex Far Eastern Vietnam Co. Ltd in southern Binh Duong province plans to invest an additional $250 million in the third quarter of this year to expand its operations, according to the Binh Duong online newspaper.

The paper quoted the company's General Director Yeh Ming Yuh as telling a meeting with Chairman of the Provincial People’s Committee Vo Van Minh on June 21 that the capital will be used to expand the production of super-strong fiber used to make seat belts, airbags, and tire tubes.

The company will also build a solar power plant to generate electricity for production, as part of its efforts in green transition, Mr. Yuh added.

It began operations at the Bau Bang Industrial Park in Binh Duong in 2015.

The additional investment brings its total capital to $1.37 billion, making it the largest foreign-invested enterprise in the province.