ABOUT TEXHONG VIETNAM
We began our operations in Vietnam back in 2006. Since then, we have invested more resources, hired more workers, and built more production capacity in Vietnam.
We currently have 20,000 employees in Vietnam, located in facilities within the Quang Ninh province. We currently manufacture 40% of our products in Vietnam. Texhong is one of the largest single buyers of cotton from the U.S. in the world.
We are pleased to continue our investment into Vietnam.
Our timeline
In 2006, Texhong began our Vietnam operations. At that time, China was the dominant Asian location for textile companies. Since 2006, Texhong has invested $1.6 billion in Vietnam. We are the country’s largest maker of cotton yarn.
In 2020, Texhong announced it would invest $500 million into operations in Vietnam.
On March 6, 2020, our CEO of Texhong Vietnam, Tao Hui, met with Prime Minister Nguyen Xuan Phuc to discuss our expansion into the country.
By mid-March of 2020, in the early days of the Covid-19 pandemic, we resumed operations at near full capacity at our Vietnam factories.
In 2020, Texhong Vietnam launched its project, Texhong Knitting Vietnam Ltd, to which it invested $214 million. The first phase of the new project opened in 2021 and a second phase is planned to begin a little less than two years later.
In 2021, our company's revenue grew by 35.5% to 26.5 billion yuan ($3.9 billion USD). Key factors include the rising price of yarn and operational efficiencies we were able to achieve.
In 2021, plans began to develop a coal fired power plant in Quang Ninh, called the Texhong Hai Ha Industrial Zone Power Plant. The project is in its early stages. Our aim is to begin construction in 2027, with the end goal to start commercial operation in 2030. The plant is a steam turbine with a cogen power plant.
In 2022, we will open a large facility in Vietnam, which will focus on fabric production. Our 2022 production forecast is to produce 880,000 tons of yarn. That will be a 7.6% increase from 2021 production numbers.