The future site of the Mega Textile – Vietnam project in the Tho Loc Industrial Park, Dong Nam Economic Zone, Nghe An province. Image source: cafef.com
According to the Nghe An Provincial Portal, at the regular meeting held this morning (Nov 28), the Provincial Standing Committee passed the investment policy for an FDI project in Phase 1 of Tho Loc Industrial Park, located in the Dong Nam Economic Zone.
At the meeting, after hearing the report from the Party Committee of the Provincial People’s Committee and the opinions of the delegates, the Provincial Standing Committee agreed to approve the investment policy for the Mega Textile – Vietnam project in Dien Tho commune, Dien Chau district. The project is invested by Mega Textile Singapore Private Limited, Singapore, with a total investment of $590 million, spanning over 51 hectares of land.
The project aims to produce various types of fabric, knitwear, dyed yarn, cut semi-products, garments, and belts, with an annual capacity of approximately 67,200 tons of fabric, 10,300 tons of knitwear, 7,200 tons of dyed yarn, 100 million belt products, 130 million garment products, and 2.2 million cut semi-products.
In terms of progress, by the second quarter of 2025, the project is expected to complete the necessary investment procedures. From the fourth quarter of 2024 to the first quarter of 2028, the project will undergo trial operations. By the second quarter of 2028, the project will officially enter Phase 1, followed by Phase 2 in the second quarter of 2030, and Phase 3 in the second quarter of 2034.
Once operational, the project is expected to contribute to state revenues and create jobs for over 15,000 local workers, boosting the development of the garment industry in the province and nationwide.
Earlier, at the November regular meeting held on Nov 27, the Provincial People’s Committee directed all levels and sectors to continue their efforts in significantly improving the investment and business environment, ensuring practicality and effectiveness.
Nghe An province has witnessed positive signals in investment attraction. Specifically, as of Nov 25, the province has granted investment registration certificates (principle approval/investment registration certificates) to 77 projects with a total registered investment capital of VND 22,059 billion. Additionally, 157 projects have been adjusted, including 40 projects with a total additional registered investment capital of VND 22,730 billion. The total registered capital of new and adjusted projects stands at VND 44,789 billion.
Notably, in terms of foreign direct investment (FDI), Nghe An has attracted 13 new projects and adjusted 12 existing projects. The total registered investment capital of new and adjusted FDI projects in the first eleven months of 2024 reached USD 977.83 million, and the province is expected to attract USD 1.696 billion in FDI for the whole year. As of now, Nghe An has 147 valid FDI projects with a total registered capital of USD 5.1 billion.
According to the General Statistics Office, in 2023, the total registered investment capital in Nghe An reached USD 1.603 billion, a 66.8% increase compared to 2022, ranking the province 8th in the country. In 2022, Nghe An attracted USD 961.3 million in FDI, entering the top 10 FDI attraction localities in Vietnam for the first time.
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