Two core affiliates of the Formosa Plastics Group (FPG) on Monday announced plans to invest $287 million in an unspecified number of textile factories in Vietnam.

The pair have formed a joint venture with another affiliate of FPG, Formosa Taffeta Co Ltd, for the huge project which will see them develop an industrial park and power plant on a 300 hectares site.

Work on the new venture is expected to start later this year and once complete, will boast textile plants including a polyester fibre factory with an annual production capacity of 110,000 metric tons.