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The Xinao Textiles (Vietnam) Co Ltd construction site in Tay Ninh province, Vietnam. [Photo/WeChat account: tongxiangfabu]

Tongxiang, a county-level city of Jiaxing in Zhejiang province, achieved a total direct foreign investment of $2.59 billion in 2023, playing a prominent role in driving foreign trade exports and promoting industrial transformation.

The foreign economy of the city drove more than 8 billion yuan ($1.11 billion) in foreign trade exports throughout the year, an increase of more than 30 percent year-on-year.

In Vietnam's Tay Ninh province, the construction of Xinao Textiles (Vietnam) Co Ltd is in full swing.

With a massive investment of $150 million, the company is the first overseas production base for Xinao Textiles, which is based in Tongxiang. By establishing a complete textile processing industry chain overseas, including spinning, dyeing, and finishing, the company aims to enhance its global supply chain delivery capabilities, better meet the demands of domestic and international customers, strengthen market competitiveness, and expand market share.

Tongxiang's enterprises venturing abroad have also propelled the export of equipment, components, and domestic advanced technologies, standards, and services.

For example, the production equipment required for Huayou's investment projects in the Democratic Republic of Congo, Indonesia, Africa, and other locations is mostly sourced from China for export.

For Zhenshi Group, every yuan invested by the group overseas can drive 0.7 yuan worth of goods exported from China. The group's procurement in Indonesia primarily involves construction resources, while equipment such as excavators, pile drivers, and prefabricated houses are exported from China. Zhenshi's nickel-iron smelting project in Indonesia has the potential to drive tens of billions of yuan in export value.