The Group had announced late last year its decision to invest $250 million to develop a factory in Vietnam’s Becamex-Binh Phuoc industrial and urban complex.
According to Cetin Murat, general director of Hayat Vietnam, the group has now completed the first phase of the project by setting up Hayat Vietnam Company with an investment of $100 million that can generate more than 500 jobs.
Murat was hopeful that the project will receive further support from southern Binh Phuoc province to expand the site in the second phase, according to Vietnamese media reports.
The Hayat factory in Vietnam is set to provide products to other potential markets throughout the Southeast Asian region. The total annual export value of Hayat Vietnam is estimated to be $50 million.
According to Hayat, the Vietnamese factory is anticipated to take on the role of a production hub for Southeast Asia, with approximately 40 per cent of its output being exported to overseas markets like Thailand and Malaysia.
Fibre2Fashion News Desk (DS)