TAIPEI (AFP) — Formosa Chemicals and Fibre Corp, a unit of Taiwanese petrochemical conglomerate Formosa Plastics group, will invest an extra 10 billion Taiwan dollars (309 million US) on expanding its textile base in Vietnam, the Economic Daily News reported Monday.
Formosa Chemical and Fibre currently operates a joint venture textile production complex near Ho Chi Minh City with its Taiwanese partners, including affiliates Nan Ya Plastics and Formosa Taffeta.
The investment, scheduled to begin operations in 2009, aims to add nylon fibre and yarn production and power generation facilities, the report said.
Company officials were not immediately available for comment.
The project is expected to encourage Taiwanese downstream textile manufacturers to follow suit and form a production cluster in the area, the report said.
Formosa Plastics Corp is flagship of the conglomerate which also has business interests in semiconductor, biochemical and car production.
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