Industrial parks (IPs) and Export-processing zones (EPZs) management unit of the northern coast city of Hai Phong licensed the establishment of a 100% foreign-owned company called Thang Phong Garment and Textile Co Ltd. This company is jointly founded by Shing Fun Knitting & Garment Ltd and Modern Develoment Limited (all from Hong Kong), and Chinese investor Fong Tung Wan.
The new business will specialise in producing woollen, textile, and garment items. At least 80% of its products will be exported. The rest will be sold domestically.
The new company has total investment of US$3 million, legal capital of US$1 million, and operation period of 40 years.