Plans for a new $108 million polyester fibre plant in Vietnam were unveiled by Taiwan's Formosa Chemicals & Fibre Corp on Tuesday.

The company said its two sister firms, Formosa Chemicals & Fibre and Nan Ya Plastics, would each invest around $46 million in the project - to be called Formosa Industries Corp.

It added that Formosa Taffeta will invest $10.8m and King Car Industrial Co the remaining sum.