A worker operates on the production line at a textile company in Nanmo Township of Hai'an City, east China's Jiangsu Province, Feb. 28, 2022. (Photo by Zhai Huiyong/Xinhua)
BEIJING, Dec. 5 (Xinhua) -- Chinese textile company Zhejiang Xinao Textiles Inc. (Xinao Textiles, 603889.SH) announced on December 2 that it will set up a company via its wholly-owned subsidiary Xinao (Hong Kong) Limited to build a 50,000-spindle high-grade worsted ecological yarn textile dyeing and finishing project in Vietnam, reported Shanghai Securities News Sunday.
The project will have a total investment of no more than 153.8 million U.S. dollars, and will cover a total land area of about 65,000 square meters. It will gradually form an annual production capacity of about 6,500 tonnes (metric tons) of worsted knitted yarn after the completion of construction.
It is learned that the project will be implemented step by step, with a planned construction period of five years. The first phase will start construction next year, and is expected to be completed and put into production in 2025. The second phase is expected to be completed and put into production in 2027.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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