(Yicai Global) May 18 -- Halead New Material Co., one of China's biggest producers of polyvinyl chloride (PVC) substrates, will invest USD155 million in a polyester filament factory in Vietnam, as part of efforts to expand into overseas markets.
The Zhejiang-based company's board of directors have greenlighted a proposal to build a 330,000 square-meter plant in Phuoc Dong Industry Park in Tay Ninh province with annual production of 110,000 tons, it said in a statement.
The move will enhance Halead's global competitiveness in terms of chemical fiber products while leveraging Chinese firms' investment strengths in Vietnam.
The firm will set up a wholly-owned unit in the country to facilitate the project, which will consist of solid-state polymerized and differential polyester industrial filament production lines equipped with supporting facilities, a warehouse and public utility equipment.
Halead is a listed professional producer of industrial differential polyester filaments, with yearly production capacity of 210,000 tons.
Editor: William Clegg