Chinese firm invests 500 million USD in tire production in Binh Phuoc
The Binh Phuoc People’s Committee on September 11 granted an investment registration certificate to China’s Shandong Haohua Tire Co. Ltd., allowing it to build a 500-million-USD tire manufacturing factory in the southern province.
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)
Binh Phuoc (VNA) – The Binh Phuoc People’s Committee on September11 granted an investment registration certificate to China’s Shandong HaohuaTire Co. Ltd., allowing it to build a 500-million-USD tire manufacturingfactory in the southern province.
This is the biggest ever foreign direct investment (FDI)project in Binh Phuoc.
The factory, located at Minh Hung SIKICO industrial park, isexpected to be put into operation in the third quarter of 2025.
The Chinese company’s Chairman Wang Keqiang said that thefactory will be capable of producing 14.4 million tire sets worth 770 millionUSD a year.
Once operational, it is expected to contribute to increasingthe proportion of the local industrial sector and create jobs for over 1,600workers.
Chairwoman of the provincial People’s Committee Tran TueHien said that the project will contribute to increasing rubber industryrevenue of the province – home to Vietnam’s largest rubber tree growing area with over 240,000ha, promotingeconomic restructuring and raising people's income.
Binh Phuoc is committed to creating the most favourableconditions for the investor, she added.
In the first eight months of this year, Binh Phuoc attracted 26 FDI projectsworth 710 million USD, 2.37 times higher than the yearly plan./.
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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) 
