Chinese firm invests 500 million USD in tire production in Binh Phuoc
On September 11, the Binh Phuoc People’s Committee granted an investment registration certificate to China’s Shandong Hauhau Tire Co. Ltd., allowing it to build a 500-million-USD tire manufacturing factory in the southern province.
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| Chairwoman of the Binh Phuoc People’s Committee Tran Tue Hien (R) grants an investment registration certificate to China’s Shandong Haohua Tire Co. Ltd. (Photo: VNA) |
This is the biggest ever foreign direct investment (FDI) project in Binh Phuoc.
The factory, located at Minh Hung SIKICO Industrial Park, is expected to be put into operation in the third quarter of 2025.
The Chinese company’s Chairman Wang Keqiang said that the factory will be capable of producing 14.4 million tire sets worth 770 million USD a year.
Once operational, it is expected to contribute to increasing the proportion of the local industrial sector and create jobs for over 1,600 workers.
Chairwoman of the provincial People’s Committee Tran Tue Hien said that the project will contribute to increasing the rubber industry revenue of the province – home to Vietnam’s largest rubber tree growing area with over 240,000ha, promoting economic restructuring and raising people's income.
Binh Phuoc is committed to creating the most favorable conditions for the investor, she added.
In the first eight months of this year, Binh Phuoc attracted 26 FDI projects worth 710 million USD, 2.37 times higher than the yearly plan.
(Source: VNA)
