Taiwanese Packaging Company to Build $1 Billion Factory in Vietnam
Taiwanese industrial paper producer Cheng Loong on December 4 received the investment certificate to build a $1 billion packaging factory in the southern province of Binh Duong.
The plant is going to be built on an 80-hectare land plot in the Ascendas Protrade Singapore Tech Park and has the capacity of one million tonnes of industrial paper and consumer paper products per year.
Cheng Loong currently has 29 plants all around the world and supplies packaging to big companies such as Apple and Nike. The Vietnam plant is Cheng Loong’s biggest ever according to the company’s president Tsai Tong Ho.
Many foreign companies have come to invest in Vietnam’s packaging industries including Japan’s Ojitex and Tohoku, Taiwan’s Yuen Foong Yu, Malaysia’s Box-Pak and Thailand’s Alcamax. According to an industry expert, packaging companies expect that the free trade agreements that Vietnam has been signing are going to lead to the growth in Vietnam’s manufacturing sector.
Source from Vietnam Investment Review
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