The project will be carried out on more than 67.5 hectares at Tho Loc Industrial Park (VSIP Nghe An 2 IP), the Southeast Nghe An Economic Zone management board said on Friday.

The three-phase project was approved in principle and granted the investor green-light in late November 2024. At the time, it was planned to cover more than 51.18 hectares with a total investment of VND14.78 trillion ($563 million).

Its objective was to establish an export-processing enterprise, producing a range of textile products including fabrics, webbings, dyed yarns, cut semi-finished goods, garments, and elastic bands, while also providing factory, warehouse and office leasing services, along with supporting facilities.

The products would be supplied to major global brands such as Victoria’s Secret, Uniqlo, FILA, and Triumph.

Phase 1 would feature construction of factories, warehouses, laboratories, offices, canteens, multipurpose buildings, auxiliary works such as wastewater treatment stations and technical infrastructure, internal roads, and green areas. It would cover about 16.5 hectares, with buildings rising to a maximum of five stories.

In phase 2, factories, warehouses, laboratories, offices, canteens, wastewater treatment stations, internal roads, and green areas would be developed on a total area of 17.4 hectares, also with a maximum height of five stories.

Phase 3 would feature similar facilities, covering about 17.3 hectares.

The project’s operating term would last until February 8, 2073, from the date the initial investment registration certificate was issued.

However, the project has since been revised to cover 67.5 hectares with an investment of $940 million. It is expected to employ about 15,000 workers, with development divided into four phases and phase 1 scheduled to come on stream in Q2/2028.

This is the largest project in terms of investment capital and average capital intensity per hectare among projects in the same sector in Nghe An province.

Mega Textile-Vietnam is invested by Singapore-based Mega Textile Singapore Private Limited which was established by China-headquartered Best Pacific International Holdings Limited in 2022.

Best Pacific, listed on the Hong Kong Stock Exchange as 2111, is a leading manufacturer and supplier of fabrics and elastic bands to top global sportswear and lingerie brands.

Prior to Nghe An, the firm had invested in the former northern province of Hai Duong (now part of Hai Phong city), with the establishment of Best Pacific Vietnam Co. Ltd. in 2015.