Taiwanese textiles giant Far Eastern New Century Corp (FENC) to open a new plant for the production of knitted fabrics in Vietnam. The company with the US$ 760 million investment aims to improve the fabric and garment supply chain.

The capacity expansion plans are part of the company’s investment project in the country over the next three years. The new plant is expected to manufacture 6,000 tonnes of knitted fabrics this year.

According to the company, its new garment plant in Vietnam should start operations in the first half of this year, boosting production by one million dozen garments per year. This could increase to two million dozen if required, the manufacturer explains.

The company, a subsidiary of Far Eastern Group, has an annual production capacity of 2.3 million dozen garments at its Vietnam plant.

The Far Eastern Group spans over 10 major industries including petrochemicals and energy, polyester and synthetic fibre, building materials, retail and department stores, financial services, sea/land transportation, communications and Internet, construction, hotels and philanthropies.

It manufactures and markets high-quality products ranging from energy, chemical fibres, textile and apparel products, to construction materials, as well as offering comprehensive and diversified services in the areas of retail, transportation, medical care, education and telecom.

It has over 50,000 highly-qualified employees in more than 10 countries, including Taiwan, China, Hong Kong, Vietnam, Singapore, Malaysia and Thailand.