The plant, built on an area of 15 hectares in the Dinh Vu Industrial Zone in the northern province of Hai Phong, is worth US$ 325 million and was built jointly by Hyundai Engineering Co LG International Corp and Petro Vietnam Construction Corporation. It received financial support from the Petrochemical and Textile Fibre JSC (PVTEX).

In a product announcement meeting, company director Vu Dinh Duy said that these polyester fibres, filament fibres and polyester chips were produced in accordance with international standards using German technology. They were found to be strong, durable and heat-resistant, easily meeting technical requirements for weaving, dying and sewing, he said.

With capacity to produce 175,000 tons of fibre per year, the plant is able to supply around 40% of raw material needed for the Vietnamese textile industry, saving approximately US$ 400 million per year on imports of foreign made fibre, as well as providing jobs to nearly 700 people. According to the company, profits could reach VND6, 000 billion (US$ 286 million), contributing VND600 billion (US$ 28.6 million) per year to the country's revenue.

Following the successful manufacture of this fibre, the company is now co-operating with Vietnam National Textile and Garment Group to build other plants in the northern provinces of Hai Phong, Nam Dinh, Ha Nam, Thanh Hoa and the central province of Nghe An.