Apparel-textile supplier increases northern Vietnam province investment to $130 mln

Hong Kong-invested Regina Miracle International (Vietnam), an intimate wear supplier of global brands such as Victoria’s Secret, Nike and Adidas, will increase its investment in Hung Yen province to $130 million.

The firm acquired its first investment registration certificate in July 2018 and recently received the fifth adjustment for expansion. The project will cover 6.5 hectares in Pho Noi B Industrial Park, a facility dedicated to apparel businesses.

The apparel giant plans to install equipment in the new facility by October 2025, proceed with trial operation by November 2025, and enter official operation by December 2025.

With the latest investment, Regina Miracle will increase its annual output to 19,235 tons, nearly tripling the current 6,750 tons. Employment is expected to reach 5,000 people.

Major activities are production of clothes (33 million items or 8,250 tons), dyeing (for 50 million items or 7,500 tons), and accessories (three million items or 900 tons).

Regina Miracle entered Vietnam in 2014 with its first Vietnam factory in the northern coastal city of Hai Phong. It has invested $760 million in Vietnam so far, and currently runs five factories with over 28,000 workers.

Apparel-textile is a key sector in Vietnam. In January-August, the country’s export revenue rose 15.8% to $265.09 billion, with apparel-textile accounting for $24.32 billion, the fourth-largest figure.

Source: theinvestor
28/09/2024