Jiaxing company builds new overseas factory in Vietnam
A rendering of Xin'ao Textiles (Vietnam) Co Ltd in Vietnam. [Photo/WeChat account: tongxiangfabu]
The construction of Xin'ao Textiles (Vietnam) Co Ltd recently started in Vietnam, according to local media reports.
Xinao Textiles (Vietnam) Co Ltd is the first overseas new production base of Jiaxing-based company Zhejiang Xin'ao Industries Co Ltd. It received a total investment of $150 million, and will feature a high-end fine-spun ecological yarn textile dyeing and finishing project with 50,000 spindles.
The project is divided into two phases, with the first phase aiming to be completed and put into trial production by the end of 2024, and the second phase by 2027. The project is expected to create more than 1,000 jobs in the local area.
Vietnam is a country involved in the Belt and Road Initiative and has frequent economic and trade exchanges with China. It is also the world's second largest exporter of textiles and has a steadily growing textile and garment industry.
Xin'ao's production base in Vietnam will enhance its global supply chain delivery capabilities, meet the order needs of domestic and foreign customers, reduce its production and logistics costs, and expand its global brand influence.
Xin'ao has also allocated global resources from resources, channels, core technologies, brands and more. It has ranches in Australia, a company integrating sales, research and development, and warehousing in Italy, and sales outlets in North America, Europe, Japan, South Korea, Australia and other places, and has acquired Todd & Duncan, the UK's top cashmere yarn manufacturer.
Xin'ao's investment in Vietnam will not only bring the most advanced equipment and technology in the wool spinning industry to Vietnam, but also help improve local industrial technology and the wool spinning system.